36Kr, a Chinese company operating a media platform covering startups and technology in China, is planning an initial public offering (IPO) in the US as soon as this year and is targeting to raise at least US$100 million, people with knowledge of the matter told Bloomberg.
Deliberations are still at an early stage and details of the offering and listing venue could change, according to the same report. 36Kr’s CEO and founder Liu Chengcheng told Bloomberg that the company is open to exploring opportunities in the capital market and does not have a specific IPO timeline.
Often referred to the Chinese mainland equivalent of TechCrunch in the US, 36Kr is a Beijing-based Internet company providing an online tech media platform. The company says it aims to build “a global leading service system supporting technology innovation and entrepreneurship.”
36Kr recently entered the venture capital business, launching a RMB 1 billion fund. As of October 2018, the fund had invested in 25 companies in the areas of news consumption, enterprise services and smart manufacturing.
And in August 2018, the company entered Japan and launched a Japanese version of its website.
Since launching in 2010, 36Kr has grown from being just a tech blog into becoming a group company with three core businesses and subsidiaries. The group owns 36Kr Media, one of China’s most influential business news platform, Kr Space, a co-working space business, and JingData, a financial data and information provider, and is backed by investors including Ant Financial, Gobi Partners and China Prosperity Capital.
36Kr Media provides China’s technology startups, investors and professionals with global news about tech innovation, startups and investments. The company delivers macroeconomic data analysis, policy analysis, industry prediction, as well as investment and financing news in global primary market.
36Kr Media’s content system includes seven modules: startup reports, business reports, flash news, international news, 36Kr TV, 36Kr Future Life and 36Kr Selected Tech News. Content is delivered as written reports or video clips and aim to provide a panoramic view of global tech entrepreneurship and investment trends.
36Kr Media claims it is one of the most influential Internet business media in China, recording 150 million readers worldwide and over 50,000 articles as of the end of 2017. It says it has helped over 30,000 startups gain international exposure and get funding.
Kr Space aims to build a global network of co-working spaces. Kr Space’s product offerings include individual office, mobile desk and open office area, catering for companies of different size.
By the end of January 2018, Kr Space had 30 co-working spaces in 9 cities across mainland China, providing 30,000 office desks to over 2,000 businesses. The company plans to enter Hong Kong, Tokyo, Singapore and other markets soon.
Kr Space also provides online and offline services to businesses including local life services, business registration and tax services, technology outsourcing, product marketing, fundraising services, and more.
JingData is a financial data and information provider, helping financial institutions and non-financial institutions get access to startup projects’ information and other key data, and connecting startups seeking funding with potential backers.
JingData has three core businesses: JingData Insight, which provides financial data services, JingData Startup & Investment Matching Platform, which provides startups with higher media exposure and provides investors with dynamic industry analysis and channel to detect and track promising startups, and JingData Asset Management System, which provides private fund investment managers with services including investment analysis, customer relationship management, investment process management, and more.
Image Credit: China Knowledge