Chinese tech media firm 36KR proposes terms for US IPO

0 Comment(s)Print E-mail Xinhua, November 8, 2019
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36KR Holdings, an online media publisher or China's equivalent to TechCrunch in the United States, on Thursday proposed terms for its upcoming initial public offering (IPO) on the Nasdaq.

The tech news and data portal plans to sell 1,380,000 American Depositary Shares (ADSs) at a price range of 14.5-17.5 U.S. dollars apiece through the IPO, said its prospectus released on Thursday.

Each ADS represents 25 of the company's Class A ordinary shares. 36KR has applied for listing its IPO on the Nasdaq Global Market under the symbol KRKR.

The company has granted the underwriters a 30-day option to purchase up to an additional 207,000 ADSs at the IPO price.

Its main shareholders, such as Krystal Imagine Investments, a wholly-owned subsidiary of Didi Chuxing, and Red Better, a wholly-owned subsidiary of Xiaomi, have shown interests in buying a total of up to 20 million dollars of the ADSs offered in the IPO, according to the prospectus.

Founded in 2010, the Beijing-based firm not only offers news contents on tech companies, but also provides business services, including online advertising services, enterprise value-added services and subscription services to customers.

The company's revenue grew to 29.4 million dollars for the six months ended June 30, up 178.7 percent compared to the same period of last year, the majority of which was generated from online advertising services.

Credit Suisse, China International Capital Corporation and AMTD Global Markets are the joint bookrunners on the deal. 

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