Chinese tech media site 36Kr Holdings goes public on Nasdaq

Chinese technology media outlet 36Kr Holdings Inc, often dubbed the “TechCrunch of China,” has officially made its debut on the Nasdaq Global Market under the ticker symbol KRKR.

The company priced its initial public offering (IPO) at $14.50 per American Depositary Share (ADS), issuing 1.38 million shares and raising roughly $20 million. Each ADS equals 25 Class A ordinary shares. Underwriters were also given a 30-day option to purchase up to 207,000 additional ADSs at the IPO price.

Despite the milestone, the first day of trading ended on a cautious note. Shares slipped nearly 10 percent, closing at $13.06.

From Startup Media to Enterprise Services

Founded in 2010, 36Kr grew quickly by reporting on China’s fast-moving tech scene — covering startups, venture capital deals, and innovations that shaped the country’s digital economy. Its reputation for what it calls “New Economy content” laid the foundation for broader business opportunities.

Over time, the platform moved beyond its advertising base. Since 2016, it has shifted its focus toward enterprise value-added services, including consulting, marketing campaigns, and offline events. These services now account for more than half of total revenue.

For the first half of 2019, the company reported $29.4 million in revenue, a 178.7 percent jump from the same period a year earlier, driven primarily by demand for enterprise services.

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Leaders Speak Out

At the Nasdaq listing ceremony in New York, CEO and co-chairman Feng Dagang emphasized the company’s mission to serve as a connector.

“The core of our services is about building connections,” Feng said. “We bring startups to investors, enterprises to consumers, and companies to government partners. Our strength as a media platform lies in identifying opportunities and creating value through these links.”

Riding the “New Economy” Wave

Executives highlighted the concept of China’s “New Economy,” defined by the rapid circulation of information, capital, talent, and technology. This transition, they noted, creates fertile ground for platforms that can connect the dots between entrepreneurs, investors, and industries.

Feng stressed that these shifts will have lasting effects:

“Nearly every industry in China will be reshaped by the New Economy. Along the way, third-party service providers like us will find major growth opportunities.”

Outlook

Though its first day on Wall Street saw a price dip, the listing strengthens 36Kr’s profile internationally. The company hopes to leverage its U.S. presence not just for funding but also to reinforce its role as a bridge between Chinese startups and global capital markets.