China's TechCrunch Plans to Split Into Four Businesses; Each Will IPO
Yicai Global
/SOURCE : Yicai
China's TechCrunch Plans to Split Into Four Businesses; Each Will IPO

(Yicai Global) Dec. 14 -- 36Kr, a Chinese tech media platform and startup services provider often likened to TechCrunch in the US, will split into four businesses that will be introduced to new investors and seek separate initial public offerings, state-run Xinhuanet.com news service reported.

36Kr will separate into media, Krspace, venture capital, and finance spin-offs, the report said. Liu Chengcheng, founder and CEO, said that the media and Krspace businesses are already profitable.

"By the end of next December, the media and Krspace spin-offs will definitely reach the standard for an IPO on the second-board market," Liu said. "Their net profits for one year have already met the requirements for an IPO."

36Kr also attracted CNY100 million (USD14.5 million) of investment in the latest and final funding round for the parent company, led by China Merchants Innovation Investment Fund, the report said. Participants also included two investment institutions under state-owned enterprises that will be announced later, subject to approval, Liu was quoted as saying.

Follow Yicai Global on