Chinese TechCrunch rival 36Kr is said to plan overseas IPO

36Kr, a Chinese website that tracks startup fundraisings in the country, is planning an overseas initial public offering, people with knowledge of the matter said.

The Beijing-based company is considering selling shares of its flagship media business in the U.S. as soon as this year, the people said, asking not to be identified because the information is private. 36Kr, whose website is similar to the TechCrunch portal that chronicles Silicon Valley, is targeting to raise at least $100 million, the people said.

Chinese companies completed USD43 billion of first-time share sales overseas last year, the the most since 2014, data compiled by Bloomberg show. Investors are keen for tech investments in the world’s most populous country, with 80 percent of greater China-focused funds considering or actively pursuing new economy deals, according to Bain & Co.

Deliberations are at an early stage, and details of the offering including the fundraising size and listing venue could change, the people said. 36Kr is open to exploring opportunities in the capital market, though it doesn’t have a specific IPO timeline, Chief Executive Officer Liu Chengcheng said by text message yesterday.

36Kr’s news portal hosted 50,000 articles and had 150 million readers at the end of 2017, its website shows. 36Kr, founded in 2010, also has affiliates operating a data analysis platform and running co-working spaces in China, according to its website.Lulu Yilun Chen & Crystal Tse, Bloomberg

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