The disappointing debut followed 36Kr’s decision to slash the size of its offering from 3.6 million shares to 1.4 million and pricing its shares at $14.5, the bottom of marketed range. This meant that the firm, which had initially aimed to raise as much as $100 million, settled for $20 million. A company top executive said that even as the offering is smaller, it has great confidence in its stock’s future performance.
The nine-year-old Chinese company’s decision to list in the U.S., instead of doing so in Hong Kong especially during the ongoing trade war between the two nations also surprised many.
In an interview with Yahoo Finance on Friday, 36Kr founder and co-chairman Cheng-Cheng Liu said the company decided to go public on Nasdaq because “our team thinks the U.S. stock market is one of the most matured markets in the world. Also, we have business outside of China.”
36Kr provides financials on companies, market updates, and commentaries. It maintains an English website as well and makes money through ads and multiple subscription offerings. The company could …read more