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36 Kr Holdings submits US IPO to raise nearly US $100 million on NASDAQ

via:博客园     time:2019/10/1 9:01:09     readed:83

According to public documents, the total amount of planned financing for 36 kr to calculate registration fees is up to $100 million, and the actual amount of funds finalised in the IPO is likely to change. The company has not yet decided on the stock trading code, the number of U.S. depositary shares ADS available for listing and the size of the Class A common shares it represents, nor has it disclosed a clear listing time.


A net loss in the first half of this year was caused by the doubling of 36 krypton revenue and the expansion of cost

According to the financial information disclosed in the document, 36 Kr's revenue rose considerably. The company's revenue was 299.1 million yuan in 2018, up 148.2 percent from 120.5 million yuan in 2017. In the first six months to June 30, 2019, the company's total revenue was 201.9 million yuan, up 178.7 percent from 72.4 million yuan in the same period in 2018.

In terms of main business, revenue from online advertising services increased from 74 million yuan in 2017 to 173.8 million yuan in 2018, up 135 percent; enterprise value-added services increased from 42.47 million yuan in 2017 to 100 million yuan in 2018; subscription services increased from 4.08 million yuan in 2017 to 25.07 million yuan in 2018. In the first half of 2019, the growth of enterprise value-added services was the most obvious.

The company's net profit in 2018 was 40.518 million yuan, up 411.4 percent from 7.923 million yuan in 2017, and the net profit margin rose from 6.6 percent in 2017 to 13.5 percent in 2018. However, in the first six months to June 30, 2019, the company lost 45.498 million yuan, nearly 4.5 times more than the net loss of 8.313 million yuan in the same period in 2018.

Therefore, in the first half of 2019, the net loss attributable to 36 krypton holding company's common shareholders was 314.9 billion yuan, and the net loss in the same period in 2018 was 21.22 million yuan; the net loss in 2018 was 80.567 million yuan, and the net profit attributable to the company's common shareholders was 50.89 million yuan in 2017.


Observing the data above, compared with the first half of 2008, the main business cost of 36 krypton in the first half of this year has more than tripled from 4804.22 million yuan to 138.12 billion yuan. Sales and marketing expenses in the operating cost have doubled, administrative and management expenses have increased nearly six times and R&D expenses have increased 2.7 times, which directly affects the net profit income in the first half of this year.

36 krypton is financing $24 million in September for the new economy and business services market

According to the company's IPO application, 36 Kr's mission is to help new economic participants achieve more, is committed to serving China's new economic participants in the outstanding brand and development platform. In the 12 months to June 30, 2019, the average number of page views per month was 3.477 billion, and the number of platform content in 2018 was at least 108000, covering more than 800,000 enterprises.


The company currently provides online advertising services, corporate value-added services and subscription services to customers, and tailor-made advertising for new economy companies to meet their growing needs and upgrade needs of traditional companies. The business of the company is also supported by the huge database and strong data analysis ability, through the analysis of users and customer preferences, more effective recommendation of content and corresponding adjustment of business service products.


According to statistics from the application document, CIC, the size of China's new economic business service market, composed of three main businesses, has increased significantly from 7 billion US dollars in 2014 to US $20 billion 200 million in 2018, with a compound annual growth rate of about 30.3%. The compound annual growth rate is expected to be 22.5% from 2018 to 55 billion 600 million in 2023. Yuan.

The document also discloses the shareholding information of company executives and directors. Feng Dagang, chief executive officer and co chairman, holds more than 164 million shares of common stock with a shareholding ratio of 17.5%. Liu Chengcheng, founder and co chairman, holds nearly 58 million 750 thousand shares, with a shareholding ratio of 6.2%, and director left Ling Ye holds nearly 62 million 690 thousand shares, with a shareholding ratio of 6.7%. All executives and directors hold 234 million shares, 24.9% of them.

It is reported that 36 krypton A shares have one vote per share, B shares have 25 votes per share. The application said the company raised $24 million in its latest round of financing in September, with investors including Lotus Walk, Japan Economic News (Nikkei), Krystal Imagine Investments Limited,Red Better Limited and Homshin Innovations.

According to public information,36 Krypton was founded in Beijing in December 2010; in April 2011, it received angel investment from Jiuhe Venture, followed by round A investment from Jingwei Venture in June 2012; and in October 2015, it completed round D financing led by Ant Financial Services Group, which also launched a strategic partnership with 36 Krypton in various areas, including payment, private equity financing, technology, cloud computing and so on, to serve small and micro-entrepreneurs. In November 2016,36 Krypton received Rmb200m in round A, with investors including Purse Capital and IDG; in December of that year, it completed a new round of Rmb100m financing, led by China Merchants Innovation Investment Fund. In december 2017,36 krypton media received 300 million yuan a round of financing, led by gobi venture capital, national hongjiaxin capital, focus media, hangzhou gold investment, baidu video with the investment.

One year after the rumor of listing, IPO applications for value-added services or new focus

In the second half of last year, there was frequent news on the market that 36 krypton was about to list abroad.

according toTencent Technology reported in September 201836 Kr plans to go to Hong Kong in 2019 to list IPO, assets as its media business

Mid-March of this yearSina Technology saysThirty-six krypton planned to raise at least $100 million for the media business to be listed in the U.S. within this year. At that time, the stock exchange had not yet been determined, and preparations were still in the initial stage. Details of the plan would still change. At that time, Liu Chengcheng, chief executive of 36 krypton, said that the company had an open mind to explore opportunities in capital markets, and there was no specific IPO timetable.

A month ago (late august), the latest news that 36 krypton media sector will be listed on the nasdaq this october, raising about $1-2 billion, and some people said 36 krypton has started road shows.

According to the analysis, 36 Kr has grown into a Kechuang Integrated Service Group, which integrates finance and data, and its three business sectors, 36 Kr Media, Kr Space and whale accurate, are positioned to solve the problems of exposure, office and financing of Kechuang enterprises, respectively.

And enterprise value-added service business may become the future development focus. Some analysts believe that the company will develop business support service platforms for technology companies and start-ups, and the overseas listing will be used to implement the new strategy.

In July this year, Feng Dagang, president of the company,It also meansChina's Internet industry, which has been developing rapidly for more than 20 years, has entered the midfield stage. The era of short-term rapid growth has come to an end. Thirty-six krypton aims to provide young companies with the logistical support they need to promote their future growth by utilizing their profound expertise and experience in the technical field, covering third-party accounting services and human resources management.

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