CLOSED
KRKR US Equity▮EVAP · Market-Cap Evaporation Monitor

Six years after IPO, this Chinese tech-media company has lost 98.99% of its market cap. Its valuation is now in the single-digit millions.

Every $1 of IPO market cap is now worth 1.01¢.

IPO Cap
$569.00M
Now Cap
$5.74M
Evaporated
−$563.26M
BaselineIPO 2019-11-08
Residual1.01¢ / $1
Updated2026-10-20 ET

Market State

Live basis
Previous regular-session closeLAST CLOSE
$2.98
▼-2.97%(-0.09$)
2026-10-20 ET · Last regular-session quote
Market CapLive · Post-split
$5.74M
Estimated · 1926K ADS × $2.98
IPO EquivalentSplit-adjusted
$290.00
$14.5 original × 20
IPO Market CapBaseline
$569.00M
2019-11-08
Average trading volume · 10D 2,910 ADS · 3M 14,480 ADSSource: Finnhub metric=all; queried: 2026-10-21 ET; provider does not supply the metric cutoff date.

On 2024-10-03 KRKR changed its ADS ratio: one ADS went from representing 25 Class A ordinary shares to 500, equivalent to a 1-for-20 ADS reverse split.

Today's price is on the post-split basis, so comparing it with the original $14.50 IPO price is meaningless. The IPO Equivalent restates the IPO price on the current ADS basis: $290.

Dossier Brief · Copyable summary

The market no longer prices KRKR as a media company. It prices it as residual optionality:

market cap down98.99% from IPO, with every $1 of IPO market cap now worth1.01¢.

Trajectory

Split-adjusted price path
IPO Equivalent
$290.00
Today
$2.98
Price Collapse
−98.97%
$0.5$1$3$10$30$100$3002020202120222023202420252026IPO1:20 SPLIT52W HIGH52W LOW$2.98 · TODAY
Log-scale y-axis ($0.5–$300). Monthly closes from Yahoo Finance, all restated on the 1-for-20 post-split basis. The $290 IPO-equivalent offering price is the 2019-11-08 prospectus price × the split factor; the 52-week range and latest quote come from market data. Hover, tap, or use the left/right arrow keys for monthly values.
ReadoutFrom a $290 split-adjusted IPO price to single digits, KRKR is no longer merely falling. It has entered the zone where price discovery stops working.

Death Counter

Evaporation clock · serious fun
ICU Monitor · Evaporation In Progress
Cumulative Evaporated
$563,264,053
Cumulative loss changes only when a verified quote changes. The rates below are historical averages, not live losses.
Days Since IPO
Time on the public market
2,538days
22:37:42 and counting
Per Second
Average evaporation rate
$2.57
Blink, and a cup of coffee is gone
Per Day
Average evaporation rate
$221,850
Roughly a senior big-tech salary, daily
To Zero
Progress toward zero
98.99%
1.01% of principal remains
IPO Cap → 0$569.00M → 0
Evaporation is measured against the $569.00M IPO-day baseline. The per-second rate is a historical average, not a live market move.

Timeline

Descent path
  1. 2019-11-08
    IPO on NASDAQ
    Listed on NASDAQ at $14.50 per ADS, selling 1.38M ADSs to raise about $20M, with an issue-price-implied market cap of roughly $569M. Broke issue on day one, closing down 9.93% at $13.06.
  2. 2020 – 2022
    Steady Decline
    Persistent losses (EPS of −$6.14), a sector-wide de-rating of US-listed Chinese stocks, and shrinking ad revenue took the share price from double digits at listing to single digits.
  3. 2023 – 2024
    Penny Stock Territory
    Entered penny-stock territory, trading below $1 for extended periods and triggering NASDAQ's minimum bid price compliance warning. Trading was thin; institutional ownership requires dated holdings evidence.
  4. 2024-10-03
    1:20 Reverse Split
    The ADS ratio changed from 1 ADS = 25 ordinary shares to 1 ADS = 500, equivalent to a 1-for-20 reverse ADS split, done to lift the nominal price and avoid delisting. Pre-split price $0.295; theoretical post-split price about $5.90.
  5. 2025-10-15
    Post-split 52-week High
    A short post-split rebound to $6.32; a price rebound alone did not establish an operating recovery, and the rally later faded.
  6. 2026-07-17
    Post-split 52-week Low
    Fell back to $2.50, breaking below the pre-split equivalent low once again.
  7. 2026-10-20 · Quote date
    Near-zero Residual
    Market cap is down 99.0% from IPO, leaving roughly $5.74M. The share price has entered the zone where price discovery no longer works.

Why It Collapsed

Incident report
Finding 01 ·Failure Mode

Fundamentals & PeopleBleeding on both fronts

Long-term share-price erosion now coexists with an operating recovery. FY2025 revenue was RMB 227.9M, net profit about RMB 11.4M, and operating cash inflow about RMB 19M. First-half 2026 revenue was about RMB 124.6M, up 33.7%, with net profit about RMB 15.37M. Whether this is durable, and whether earnings quality and liquidity can support a re-rating, remain open questions.
Finding 02 ·Failure Mode

Sector CompressionThe China ADR de-rating

From 2021, US-listed Chinese stocks were marked down as a group, compounded by the HFCAA audit dispute, platform regulation, and pressure on the renminbi. As a small-cap Chinese media ADR, KRKR sat on the sharpest edge of that liquidity collapse.
Finding 03 ·Failure Mode

Ad Market FreezeThe advertising winter

Advertising cycles have pressured the business historically. But advertising revenue grew 38.9% year over year in the first half of 2026. The question is whether this growth persists and converts into profit and cash flow.
Finding 04 ·Failure Mode

Liquidity CollapseVolume dried up

KRKR is a thinly traded microcap. Volume should be read using a stated window, source and as-of date; institutional holdings need separate filings. Thin trading can widen spreads and increase the effect of a small order.
Finding 05 ·Failure Mode

Delisting RiskCompliance pressure

Trading below $1 for extended periods triggered NASDAQ's minimum bid price warning. On 2024-10-03 the company was forced into a 1-for-20 reverse split, lifting the price back to the $5–6 range. That was an accounting lift, not a re-rating.
Finding 06 ·Failure Mode

Structural TrapNo catalyst left

Low liquidity, the durability of earnings and potential dilution still constrain a re-rating. The September 22, 2026 F-3/A is a proposed shelf registration of up to $300M, not completed financing; any actual issuance requires subsequent disclosure.

Peer Context

Peer valuation comps

KRKR's collapse is not one company's failure. It is a stress test of the whole route of taking an independent media brand to the public market.

Once the ad cycle turns, platform distribution breaks and the cost of debt and of being listed rises, capital markets switch quickly from a growth narrative to a salvage narrative.

ThesisKRKR is no longer valued as a media company, but as residual optionality.
Valuation Snapshot · Peer comps
36KrSubject
KRKR · NASDAQ · listed
Mkt cap
$5.74M
vs IPO
−99%
Revenue
$32.60M
P/S
0.18×
Fighting on the delisting edgeLow liquidity / proposed shelf registration
First-half 2026 revenue and profit improved, while market valuation has not recovered in step. The proposed shelf registration creates potential dilution risk but does not mean financing has closed.
BuzzFeed
BZFD · NASDAQ · listed
Mkt cap
—
vs peak
—
Revenue
—
P/S
—
Surviving cheaply after the SPACByron Allen investment / change of control
Went public via SPAC in 2021 and has been squeezed ever since by the advertising and platform-traffic model. In 2026 it traded a new investor and a change of control for a liquidity cushion.
Vice Media
— · Ch.11 → private
Mkt cap
—
vs peak
—
Revenue
—
P/S
—
Post-bankruptcy saleSold to creditors out of bankruptcy
The one-time global youth-media unicorn entered Chapter 11 in 2023 and was sold in a lender-led process. A high-valuation media brand ended up back in asset-disposal logic.
Forbes
— · Private · SPAC withdrawn
Mkt cap
—
vs peak
—
Revenue
—
P/S
—
Abandoned SPAC listingRetreated from the public market
Terminated its SPAC listing plan in 2022, a sign that even a stronger financial-media brand struggles to secure a stable valuation premium in the public market.
Vox Media
— · Private · merged
Mkt cap
—
vs peak
—
Revenue
—
P/S
—
Staying privateMerged with Group Nine to hold scale
Considered a SPAC listing, then chose to merge with Group Nine in 2022 instead of going public. Independent digital media keeps testing the public market and returning to private structures, which says something about the sector's valuation ceiling.
KRKR P/S uses its latest quoted market cap and FY2025 revenue for context. The other companies are dated historical cases, so same-day valuations and P/S are omitted. KRKR market cap follows the quote. Private companies are historical transactions from different dates, not same-day P/S comparables. Sources checked 2026-09-24.

Endgame

Three possible endings
Scenario AOne scenario

Zombie Listing

If trading stays thin and the operating recovery fails to lift valuation, the company could remain listed with limited liquidity. Sustained improvements in profit, volume and investor coverage would weaken this scenario.
Scenario BMedium

Going Private

Management or a controlling shareholder takes the company private at a thin premium to a floor price. It is a common route after a valuation collapse, but it needs cash or an acquirer, which is a real constraint at KRKR's current size.
Scenario CMedium

Compliance Delisting

If the post-split price falls back below $1 for an extended period, or market cap drops below NASDAQ's minimum and cannot recover within the compliance window, the stock is delisted to the OTC pink sheets. At that point investability is close to zero.

Background

Company origins

36Kr was founded in Beijing in 2010 by Liu Chengcheng as China's answer to TechCrunch, built on startup coverage and venture data. At its peak it was valued at close to $1 billion, with businesses spanning news, the Kr Planet community, the Jingdata platform, and 36Kr Pro.

In November 2019, 36Kr listed on NASDAQ as KRKR, a landmark US IPO for Chinese tech media. The market had hoped for a content-plus-data flywheel, but the stock broke issue on day one, falling 9.93%, and over the following six years the share price and market cap entered a decline with no reversal.

SEC Filings

Filings and annual reports, annotated
Investor Relations · Primary documents
Narratives fade; filings do not. Below are the key documents 36Kr (CIK 1779476) has filed with the SEC, from the IPO prospectus through the reverse split to the shelf registration: a chain of evidence for the capital collapse, written in statutory disclosures. Sources checked through 2026-09-24.
  1. 2026-09-22
    F-3/A

    Amended Shelf Registration Statement

    Proposed filing
    ReadA proposed shelf registration amendment for up to $300M, marked subject to completion. The registered ceiling is not completed financing or cash received; any issuance remains subject to effectiveness, applicable limits and later disclosure.
    View original · SEC EDGAR
  2. 2026-08-20
    6-K

    First Half 2026 Unaudited Results

    Latest results
    ReadRevenue was about RMB 124.6M, up 33.7% year over year; advertising revenue rose 38.9%; net profit was about RMB 15.37M versus a loss of about RMB 4.8M a year earlier. Durability remains to be tested.
    View original · SEC EDGAR
  3. 2026-05-19
    20-F/A

    FY2025 Annual Report — Amendment No. 1

    ReadAmends and restates only three parts of the original FY2025 annual report: the risk factors, the memorandum and articles of association, and the exhibit index. It adds the corrected fourth amended and restated articles and the corrected 2019 Share Incentive Plan approved by the board on 2026-03-14. A technical compliance fix; no financial restatement.
    View original · SEC EDGAR
  4. 2026-04-23
    20-F

    FY2025 Annual Report (Form 20-F)

    Annual report
    ReadThe statutory annual report reports FY2025 revenue of about RMB 227.9M, net profit of about RMB 11.4M and operating cash inflow of about RMB 19M. The first-half 2026 release provides a newer test of whether the recovery continues.
    View original · SEC EDGAR
  5. 2025-09-26
    F-3

    Shelf Registration Statement

    Dilution risk
    ReadAn F-3 lets the company issue shares or ADSs at any time, in tranches, once effective. For a stock that has already become a microcap, this is usually the setup for potential issuance and shareholder dilution, and on a book this thin any issuance can be amplified into price pressure.
    View original · SEC EDGAR
  6. 2025-04-17
    20-F

    FY2024 Annual Report (Form 20-F)

    ReadThe first full annual report after the reverse split. FY2024 revenue was about RMB 231M (roughly $31.7M), down year on year; the net loss widened from RMB 89.2M the prior year to RMB 140.8M (roughly $19.3M). The split lifted the nominal price and nothing else: no fundamental repair, no re-rating.
    View original · SEC EDGAR
  7. 2024-09-19
    6-K

    ADS Ratio Change Announcement

    Reverse split
    ReadAnnounced that each ADS would represent 500 Class A ordinary shares instead of 25, the equivalent of a 1-for-20 reverse ADS split, effective at the open on 2024-10-03. The underlying share count did not change; this was a purely mechanical lift of the ADS price to satisfy listing rules. Total market cap and fundamentals moved not one cent. A life-extension in accounting terms.
    View original · SEC EDGAR
  8. 2024-05-03
    6-K

    Additional Compliance Period — Minimum Bid Price

    Delisting pressure
    ReadNot the first deficiency notice. On 2023-11-03 the company had already received a NASDAQ warning for closing below $1 for 30 consecutive trading days. This filing discloses that, after transferring from the Nasdaq Global Market to the Capital Market, it was granted a second 180-day cure period (to 2024-10-28). This is the direct backdrop to the forced reverse split months later, and marks the point where the slide into penny-stock status became a regulatory countdown.
    View original · SEC EDGAR
  9. 2019-11-12
    424B4

    IPO Final Prospectus

    IPO
    ReadLocked in the $14.50 per ADS offering price and underwriting terms for the Nasdaq Global Market listing (ticker KRKR), raising about $20M. This is where the capital narrative begins: the first time the public market put a price on the premium-content-plus-business-data model.
    View original · SEC EDGAR
  10. 2019-09-30
    F-1

    IPO Registration Statement

    ReadThe registration statement that started the US IPO, and the first systematic disclosure of the business model, shareholding structure, and financials. Every public-market narrative that followed unfolds from this document.
    View original · SEC EDGAR
View all filings on SEC EDGAR

Further Reading

Indexed topics
Topic 01KRKR
Stock History
A walk through 36Kr Holdings (NASDAQ: KRKR) share-price history since IPO, the 1-for-20 ADS reverse-split adjustment, and why comparing today's price with the raw $14.50 IPO price is misleading.
Topic 02KRKR
IPO Baseline
The offering price, first-day performance, and market-cap baseline of 36Kr's 2019 US IPO, and why this site uses $569M as the reference point for value evaporation.
Topic 03KRKR
Delisting Risk
Why KRKR faces NASDAQ minimum-bid-price pressure, what the 2024 ADS reverse split solved, and what it did not.
Topic 04KRKR
Media Valuation
36Kr alongside BuzzFeed, Vice, Forbes, and Vox: the advertising cycle, platform distribution, and the valuation pressure digital media faces in public markets.
Topic 05KRKR
FAQ
Answers to common questions about the 36Kr KRKR share price, market-cap evaporation, the reverse split, delisting risk, data sources, and this site's methodology.
Closing Note
This is not a stock chart.It is the record of a capital narrative losing its believers.
A public market does not only price revenue. It prices belief, patience, liquidity, and the possibility that a story can still become larger than itself.