36Kr Media Plans NASDAQ IPO
36Kr, a Chinese comprehensive service provider focused on technology innovation and news business, is said to be planning to list their media department on NASDAQ in the United States as they seek to raise $100 million, according to a Bloomberg report earlier this year.
As investment in the Chinese internet sector is declining, 36Kr has decided to seize this opportunity to find new sources of financing in overseas capital markets. This includes the implementation of a new strategy where the company will develop a business support services platform for technology companies and startups.
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The company is looking for a capital injection to help execute a new strategy focusing on enterprises. The relative stagnation of the media sector overall has resulted in plateauing revenues causing the company to look elsewhere for innovation and a new trajectory.
36Kr President Feng Dagang said that the Chinese internet industry has reached a new middle stage of growth, categorized by less robust short-term growth. The company aims to utilize their deep expertise and experience in the technology sector to provide young companies with the logistical support needed to spur their future growth. These services can range from third-party accounting services to HR management.
36Kr’s plan to enter American capital markets were unveiled following the company’s completion of a Series D round of financing backed by Ant Financial, Huatai Ruilin, and Matrix China. 36Kr’s news portal hosted 50,000 articles and had 150 million readers at the end of 2017.