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Chinese TechCrunch rival 36Kr planning overseas IPO: sources
[HONG KONG] 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 US 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 US$100 million, the people said.
Chinese companies completed US$43 billion of first-time share sales overseas last year, the most since 2014, data compiled by Bloomberg shows. Investors are keen for tech investments in the world's most populous country, with 80 per cent 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 on Monday.
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.