36Kr Announces Share Repurchase Program
BEIJING, May 7, 2020 /PRNewswire/ -- On May 6, 2020, 36Kr Holdings Inc. (NASDAQ: KRKR), a prominent brand and a pioneering platform dedicated to serving New Economy participants in China, announced that the board of directors of the Company approved a share repurchase program, under which 36Kr is authorized to repurchase up to a total of 1,000,000 of its ADSs, each representing 25 Class A Ordinary Shares.
The Share Repurchase Plan will be effective after the release of the Company's operating and financial results for the first quarter of 2020 on Form 6-K, which is to be filed with the SEC on or before June 30, 2020, subject to the relevant rules under the Securities Exchange Act of 1934, as amended and the Company's insider trading policy.
Also on May 6, 2020, 36Kr announced that its executive officers, Mr. Dagang Feng, Ms. Jihong Liang and Ms. Yang Li, and certain other employees of the company have undertaken in writing that upon the expiry of the lock-up period, for an additional 180 days, they will not offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, any ordinary shares, ADSs or securities convertible into or exchangeable or exercisable for any ordinary shares or ADSs.
As 36Kr diligently propels its business forward to serve the vibrant New Economy community with high-quality content production and superior enterprise value-added services, the Company remains committed to delivering value to its shareholders. The Share Repurchase Program enables 36Kr to repurchase its shares at current attractive prices, and also demonstrates 36Kr's strong confidence in its long-term prospects as well as the great potential for China's New Economy.
In the audited annual report on Form 20-F, for the fiscal year ended on December 31, 2019, the total revenues of 36Kr were 656 million RMB (about 94.2 million USD), which increased by 119.2% compared to 299 million RMB of the fiscal year 2018. The adjusted non-GAAP (non-GAAP) net profit was 65.3 million RMB (about 9.4 million USD), an increase of 43.0% compared to the same period of last year of 45.6 million RMB.
In the fiscal year 2019, 36Kr's online advertising services revenue accounted for 43.2%, enterprise Value-Added Services accounted for 48.8%, subscription services accounted for 8.0%. The number of online advertising services customers for the 2019 fiscal year increased by 58.1% compared to the fiscal year 2018, and the number of enterprise value-added services customers increased by 65.8%.