Chinese tech information platform 36Kr files for IPO in the US

China-based 36Kr, a media, information, and co-working firm serving tech companies and entrepreneurs in the country, has filed for an initial public offering on the Nasdaq Global Select Market.

The Ant Financial-backed company listed the size of the offering at US$100 million, a placeholder amount that is likely to change, according to its F-1 filing with the US Securities and Exchange Commission.

Founded in 2011, 36Kr consists of three major business segments: news publication and information platform provider 36Kr media, a venture capital unit, and co-working space operator Kr Space.

Late last year, KrAsia, a 36Kr subsidiary in Singapore that operates a tech business media site, raised US$1 million in seed funding. The offshoot provides English language coverage on the region’s startup scene.

Around the same time, 36Kr also launched its US$144 million VC fund aimed at backing early- and mid-stage companies in the consumption upgrade, high-tech, medical, and cultural fields, among others.

In its SEC filing, the firm said it also offers “business services, including online advertising services, enterprise value-added services, and subscription services.”

The company reported revenue of about US$29.4 million during the first half of 2019, an increase over the US$10.4 million it posted during the same period last year.

The company’s gross margin was 31.5% during H1 2019, down from 33.7% recorded during the year-ago period, according to Crunchbase News.

The firm saw positive net income in 2017 and 2018, though it had a US$6.6 million loss in the first half of this year. This was attributed to rising staff costs, although the amount includes one-off share-based compensation expenses that saw its general and admin costs increase to US$5.4 million in Q2 2019, almost 5x of the preceding quarter.