36Kr Holdings Inc – ADR trading halted, volatility trading pause
Trading Status: 36Kr Holdings (KRKR) Inc's ADR trading has been halted due to volatility, with a pause in trading activity noted.
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- Annual Report Filing: 36Kr Holdings Inc. filed its annual report on Form 20-F for the fiscal year ending December 31, 2025, with the SEC on April 23, 2026, demonstrating the company's ongoing commitment to transparency and compliance.
- Financial Information Access: Investors can access the annual report via the company's website and the SEC's site, with the company offering free hard copies of the audited financial statements upon request, enhancing shareholder engagement.
- Business Expansion: 36Kr has expanded its offerings from high-quality New Economy content to include online advertising, enterprise value-added services, and subscription services, addressing the evolving needs of New Economy and traditional companies, showcasing its market adaptability.
- Data Analytics Capability: The company leverages its comprehensive database and strong data analytics capabilities to continuously capture the high growth potential of China's New Economy, further solidifying its leading position in the industry.
- Market Performance Decline: On Friday, Asian equities traded in the US saw a significant drop in American Depositary Receipts (ADRs), reflecting investor concerns about market outlook, which could lead to capital outflows and diminished market confidence.
- Investor Sentiment Weakens: Heightened global economic uncertainty has negatively impacted investor confidence in Asian companies, potentially resulting in reduced trading volumes in the coming weeks, thereby affecting overall market liquidity.
- Sector Impact Notable: The decline in ADRs significantly affects sectors such as technology and consumer goods, which may face negative repercussions on their financing capabilities and market valuations, further exacerbating market volatility.
- Uncertain Future Outlook: With the ongoing low market sentiment, analysts anticipate more volatility in the short term, urging investors to exercise caution in response to potential market risks.
- Financial Highlights: 36Kr Holdings reported a GAAP EPS of $0.753 for FY 2025, with total revenue of $25.69 million reflecting a 1.38% year-over-year decline, indicating pressure in the competitive market landscape.
- Advertising Revenue Decline: Revenue from online advertising services decreased by 0.5% to RMB 179.7 million (approximately $25.7 million) from RMB 180.6 million in FY 2024, highlighting the impact of a sluggish advertising market on the company's performance.
- Value-Added Services Growth: Revenue from enterprise value-added services increased by 1.2% to RMB 33.2 million (approximately $4.7 million), demonstrating stable performance in this segment, which may support future revenue growth.
- Subscription Service Challenges: Subscription service revenue fell by 14.2% to RMB 15.1 million (approximately $2.2 million), indicating challenges in user retention and service appeal, necessitating improvements in user experience to restore growth.

- Successful Conference: 36Kr successfully hosted the WISE 2025 Business Kings Conference on November 27-28, 2025, in Beijing's 798 Art District, attracting over 500 million views, significantly enhancing the company's market influence.
- Innovative Agenda Design: The conference redefined the traditional business meeting format through a seven-act short-play agenda, bringing together business leaders from various sectors such as intelligent hardware and artificial intelligence, fostering cross-industry innovation.
- Industry Leaders Participation: The event attracted industry pioneers including Jingkang Liu, Founder of Insta360, and Ying Li, Corporate VP of Baidu, who shared forward-looking insights on China's business ecosystem, aiding participants in seizing long-term growth opportunities.
- IPO Acceleration Camp Launch: 36Kr partnered with Zhong Lun Law Firm and other professional service providers to launch the IPO Acceleration Camp, creating a three-pillar listing support framework designed to help enterprises seize capital market opportunities and enhance competitive advantages.

- Successful Conference: The WISE 2025 Business Kings Conference, hosted by 36Kr on November 27-28, 2025, in Beijing's 798 Art District, garnered over 500 million views through coverage by more than 80 media outlets and livestreaming on 21 digital platforms, significantly enhancing the company's market visibility.
- Gathering of Industry Leaders: The event attracted business leaders from various sectors including intelligent hardware, AI, and life sciences, who shared forward-looking insights on the future of China's business ecosystem, reinforcing 36Kr's core position in the New Economy.
- Innovation Showcase: The conference featured the

Financial Performance: 36Kr Holdings Inc. reported total revenues of RMB93.2 million (US$13.0 million) for the first half of 2025, a decrease from RMB102.4 million in the same period of 2024, while achieving a significant reduction in net loss to RMB4.8 million (US$0.7 million), down 95% year-over-year.
Operational Efficiency: The company improved its gross margin to 54.4%, up 10 percentage points from the previous year, and reduced operating expenses by 52.3% to RMB55.9 million (US$7.8 million), demonstrating enhanced operational efficiency and profitability.
Follower Growth: As of June 30, 2025, 36Kr's follower count reached 36.6 million, marking a 9.9% increase from the previous year, indicating successful content strategy and audience engagement.
Future Outlook: Management emphasized a commitment to deepening content offerings, expanding services, and leveraging AI technology for sustainable growth, aiming to enhance competitive advantages in the evolving New Economy landscape.






