BEIJING - 36Kr Holdings Inc . (NASDAQ: NASDAQ:KRKR), a key player in China’s New Economy sector, has announced the resignation of Ms. Lin Wei as Chief Financial Officer and member of the Board of Directors due to personal reasons, effective today. Mr. Xiang Li steps into the CFO role immediately, also joining the company's board.
Ms. Wei expressed her gratitude for the time spent at 36Kr, stating it was a "rewarding experience" and that she is eager to see the company's continued success. Mr. Dagang Feng, Co-chairman and CEO of 36Kr, thanked Ms. Wei for her service and wished her well in future endeavors.
Mr. Li, who has been with the company since 2016, brings a wealth of financial management knowledge to his new position. His background includes significant roles at multinational corporations such as Samsung (KS:005930) and Sony (NYSE:SONY) Ericsson (BS:ERICAs), and he holds a Bachelor's degree in Accounting and a Master's degree in Finance.
36Kr Holdings Inc. has established itself as a leading brand and platform for China's New Economy, starting with high-quality content offerings and expanding into business services to meet the needs of emerging and traditional companies. With a comprehensive database and strong data analytics capabilities, the company aims to leverage its brand influence and service offerings to tap into the high growth potential of China's New Economy.
36Kr Holdings Inc. announced a strategic partnership with AI firm, SenseTime, with the intention to integrate Artificial General Intelligence (AGI) technology into its media operations. This collaboration is expected to enhance content production and open up new commercial possibilities.
In recent financial results, 36Kr reported annual revenue of RMB340 million for the fiscal year of 2023, indicating a 5% increase from the previous year. Despite a net loss of RMB89.2 million, the company saw an 8% increase in advertising revenue and a 4% rise in enterprise value-added services revenue. Subscription services revenue also witnessed a 1% growth.
Looking ahead, 36Kr plans to expand subscription services and further develop generative AI capabilities. The company anticipates robust growth in its advertising business, focusing on business and AI business sectors, aiming to sustain revenue growth and improved profitability in the forthcoming year.
InvestingPro Insights
As 36Kr Holdings Inc. (NASDAQ: KRKR) navigates the transition in its financial leadership, investors and stakeholders are closely monitoring the company's financial health and market performance. Based on the latest data from InvestingPro, 36Kr Holdings Inc. holds a market capitalization of approximately 9.93 million USD, which positions it as a smaller player within the market. Despite challenges, the company has managed to maintain a revenue growth of 5.48% over the last twelve months as of Q4 2023, showcasing its resilience in the New Economy sector of China.
One notable InvestingPro Tip for 36Kr is that the company is trading at a low Price / Book multiple of 0.28, suggesting that the market may be undervaluing the company's net asset value. Additionally, 36Kr has been recognized for holding more cash than debt on its balance sheet, which can be a sign of financial stability and could provide some reassurance to investors amidst the CFO transition.
However, the company's recent price performance paints a more volatile picture. 36Kr's stock has experienced a significant decline over the past year, with a one-year price total return of -71.6%. This level of price volatility is consistent with another InvestingPro Tip, which highlights the stock's tendency to trade with high price volatility. For investors considering 36Kr, these metrics and tips can serve as important factors in their analysis.
For those looking for a deeper dive into 36Kr's financials and market performance, InvestingPro offers additional tips and insights. Currently, there are 16 more InvestingPro Tips available for 36Kr, which can be accessed through the InvestingPro platform. These tips provide a comprehensive view of the company's financial standing and market behavior, which could be crucial for making informed investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.