China’s news and data site 36Kr tumbles in its stock market debut
36Kr, a Chinese news and data website that tracks startups, fell 10% in its Nasdaq debut on Friday.
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.