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Condensed Financial Information of the Company Condensed Statement of Operations and Comprehensive Loss (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)
Operating expenses:
Sales and marketing expenses	$ (21,559)	¥ (140,672)	¥ (131,301)	¥ (66,984)
General and administrative expenses	(32,553)	(212,411)	(131,075)	(24,125)
Total operating expenses	(60,185)	(392,710)	(298,183)	(113,184)
Loss from operations	(40,968)	(267,318)	(22,867)	45,592
Other income/(expenses):
Share of loss from subsidiaries, VIE and subsidiaries of VIE	(3,602)	(23,502)		(2,794)
Others, net	503	3,280	783	(66)
Loss before income tax	(42,234)	(275,578)	(6,018)	55,345
Income tax expense	577	3,764	19,893	14,827
Net income/(loss)	(42,811)	(279,342)	(25,911)	40,518
Accretion on redeemable non-controlling interests to redemption value			(1,808)	(1,025)
Accretion of convertible redeemable preferred shares to redemption value			(449,130)	(120,060)
Re-designation of Series A-1 into Series B-3 convertible redeemable preferred shares			(26,787)
Re-designation of ordinary shares into Series A-1, A-2, B-1, B-2, B-3 convertible redeemable preferred shares, and issuance of Series A-1, A-2, B-1, B-2, B-3 convertible redeemable preferred shares			(309,984)
Re-designation of ordinary shares into Series C-2 convertible redeemable preferred shares			(36,977)
Net loss attributable to 36Kr Holdings Inc.'s ordinary shareholders	(42,947)	(280,231)	(850,441)	¥ (80,567)
Parent company \| Reportable legal entities
Operating expenses:
Sales and marketing expenses	(8)	(55)
General and administrative expenses	(1,447)	(9,439)	(2,435)
Total operating expenses	(1,455)	(9,494)	(2,435)
Loss from operations	(1,455)	(9,494)	(2,435)
Other income/(expenses):
Share of loss from subsidiaries, VIE and subsidiaries of VIE	(41,732)	(272,297)	(23,797)
Interest income	151	983	484
Interest expenses	(2)	(14)	(73)
Others, net	91	591	66
Loss before income tax	(42,947)	(280,231)	(25,755)
Net income/(loss)	(42,947)	(280,231)	(25,755)
Accretion on redeemable non-controlling interests to redemption value			1,808
Accretion of convertible redeemable preferred shares to redemption value			(449,130)
Re-designation of Series A-1 into Series B-3 convertible redeemable preferred shares			(26,787)
Re-designation of ordinary shares into Series A-1, A-2, B-1, B-2, B-3 convertible redeemable preferred shares, and issuance of Series A-1, A-2, B-1, B-2, B-3 convertible redeemable preferred shares			309,984
Re-designation of ordinary shares into Series C-2 convertible redeemable preferred shares			(36,977)
Net loss attributable to 36Kr Holdings Inc.'s ordinary shareholders	$ (42,947)	¥ (280,231)	¥ (850,441)

Basic and Diluted Net Loss Per Share

12 Months Ended

Dec. 31, 2020

Basic and Diluted Net Loss Per Share

Basic and Diluted Net Loss Per Share

17. Basic and Diluted Net Loss Per Share

Basic and diluted net loss per share for the years ended December 31, 2018, 2019 and 2020 have been calculated in accordance with ASC 260 as follows:


	For the years ended
	December 31,
	2018	2019	2020
Net loss per ordinary share - basic:
Numerator (RMB’000):
Net income/(loss) attributable to 36Kr Holdings Inc.	40,518	(25,911)	(279,342)
Accretion on redeemable non‑controlling interests to redemption value	(1,025)	(1,808)	—
Accretion of convertible redeemable preferred shares to redemption value	(120,060)	(449,130)	—
Re-designation of Series A-1 into Series B-3 convertible redeemable preferred shares	—	(26,787)	—
Re-designation of ordinary shares into Series A-1, A-2, B-1, B-2, B-3 convertible redeemable preferred shares, and issuance of Series A-1, A-2, B-1, B-2, B-3 convertible redeemable preferred shares	—	(309,984)	—
Re-designation of ordinary shares into Series C-2 convertible redeemable preferred shares	—	(36,977)	—
Net loss/(income) attributable to non-controlling interests	—	156	(889)
Net loss attributable to ordinary shareholders of 36Kr Holdings Inc.- basic	(80,567)	(850,441)	(280,231)
Denominator:
Weighted average number of ordinary shares outstanding	292,731,461	368,159,249	1,019,316,944
Denominator used in computing net loss per share - basic	292,731,461	368,159,249	1,019,316,944
Net loss per ordinary share: - basic (RMB)	(0.275)	(2.310)	(0.275)
Net loss per ordinary share – diluted:
Numerator (RMB’000):
Net loss attributable to ordinary shareholders of 36Kr Holdings Inc.- basic	(80,567)	(850,441)	(280,231)
Net loss attributable to ordinary shareholders - diluted	(80,567)	(850,441)	(280,231)
Denominator:
Denominator used in computing net loss per share - basic	292,731,461	368,159,249	1,019,316,944
Denominator used in computing net loss per share - diluted	292,731,461	368,159,249	1,019,316,944
Net loss per ordinary share - diluted (RMB)	(0.275)	(2.310)	(0.275)

Basic net loss per share is computed using the weighted average number of ordinary shares outstanding during the year. Diluted net loss per share is computed using the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the year.

For the years ended December 31, 2019, assumed conversion of the Preferred Shares have not been reflected in the dilutive calculations pursuant to ASC 260 due to the anti‑dilutive effect. The effects of all outstanding restricted share units and share options granted have also been excluded from the computation of diluted loss per share for the year ended December 31, 2019 as their effects would be anti‑dilutive.

For the years ended December 31, 2020, there is no anti-dilutive effects that should be excluded from the computation of diluted loss per share.

The following ordinary shares equivalents were excluded from the computation to eliminate any antidilutive effect:


	For the years ended
	December 31,
	2018	2019	2020
Preferred Shares	544,794,837	518,830,264	—
Share‑based awards	49,964,670	30,484,784	—
Total	594,759,507	549,315,048	—

Significant Accounting Policies - Principles of consolidation to short-term investments (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥) $ / ¥	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)
Principles of consolidation
Net loss attributable to non-controlling interests	$ (136)	¥ (889)	¥ 156	¥ 0
Functional currency and foreign currency translation
Total foreign currency translation adjustments	$ (742)	¥ (4,843)	(3,285)	¥ 231
Convenience translation
Foreign exchange rate \| $ / ¥		6.5250
Fair value measurements
Impairment loss		¥ 0
Recurring
Fair value measurements
Short-term investments-Wealth management products		148,344	86,362
Level 2 \| Recurring
Fair value measurements
Short-term investments-Wealth management products		¥ 148,344	¥ 86,362

Condensed Financial Information of the Company Condensed Balance Sheet (Parenthetical) (Details) - $ / shares	Dec. 31, 2020	Dec. 31, 2019	Nov. 08, 2019	Aug. 31, 2019	Dec. 31, 2018
Condensed Balance Sheets
Ordinary shares, par value (in US dollar per share)	$ 0.0001	$ 0.0001			$ 0.0001
Ordinary shares, shares authorized (in shares)				4,326,574,000
Ordinary shares, shares issued (in shares)				189,388,000
Ordinary shares, shares outstanding (in shares)				189,388,000
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001			$ 0.0001
Treasury stock (in shares)	15,557,593	2,561,468
Class A ordinary shares
Condensed Balance Sheets
Ordinary shares, par value (in US dollar per share)	$ 0.0001	$ 0.0001	$ 0.0001
Ordinary shares, shares authorized (in shares)	4,903,917,300	4,903,917,300
Ordinary shares, shares issued (in shares)	884,846,745	841,275,820
Ordinary shares, shares outstanding (in shares)	871,850,620	841,275,820
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001	0.0001
Class B ordinary shares
Condensed Balance Sheets
Ordinary shares, par value (in US dollar per share)	$ 0.0001	$ 0.0001	0.0001
Ordinary shares, shares authorized (in shares)	96,082,700	96,082,700
Ordinary shares, shares issued (in shares)	96,082,700	96,082,700
Ordinary shares, shares outstanding (in shares)	96,082,700	96,082,700
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001	$ 0.0001
Parent company \| Reportable legal entities
Condensed Balance Sheets
Ordinary shares, par value (in US dollar per share)	0.0001	0.0001
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Treasury stock (in shares)	15,557,593	2,561,468
Parent company \| Reportable legal entities \| Class A ordinary shares
Condensed Balance Sheets
Ordinary shares, par value (in US dollar per share)	$ 0.0001	$ 0.0001
Ordinary shares, shares authorized (in shares)	4,903,917,300	4,903,917,300
Ordinary shares, shares issued (in shares)	884,846,745	841,275,820
Ordinary shares, shares outstanding (in shares)	871,850,620	841,275,820
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Parent company \| Reportable legal entities \| Class B ordinary shares
Condensed Balance Sheets
Ordinary shares, par value (in US dollar per share)	$ 0.0001	$ 0.0001
Ordinary shares, shares authorized (in shares)	96,082,700	96,082,700
Ordinary shares, shares issued (in shares)	96,082,700	96,082,700
Ordinary shares, shares outstanding (in shares)	96,082,700	96,082,700
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001

Basic and Diluted Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2020

Basic and Diluted Net Loss Per Share

Schedule of basic and diluted net loss per share calculated in accordance with ASC 260


	For the years ended
	December 31,
	2018	2019	2020
Net loss per ordinary share - basic:
Numerator (RMB’000):
Net income/(loss) attributable to 36Kr Holdings Inc.	40,518	(25,911)	(279,342)
Accretion on redeemable non‑controlling interests to redemption value	(1,025)	(1,808)	—
Accretion of convertible redeemable preferred shares to redemption value	(120,060)	(449,130)	—
Re-designation of Series A-1 into Series B-3 convertible redeemable preferred shares	—	(26,787)	—
Re-designation of ordinary shares into Series A-1, A-2, B-1, B-2, B-3 convertible redeemable preferred shares, and issuance of Series A-1, A-2, B-1, B-2, B-3 convertible redeemable preferred shares	—	(309,984)	—
Re-designation of ordinary shares into Series C-2 convertible redeemable preferred shares	—	(36,977)	—
Net loss/(income) attributable to non-controlling interests	—	156	(889)
Net loss attributable to ordinary shareholders of 36Kr Holdings Inc.- basic	(80,567)	(850,441)	(280,231)
Denominator:
Weighted average number of ordinary shares outstanding	292,731,461	368,159,249	1,019,316,944
Denominator used in computing net loss per share - basic	292,731,461	368,159,249	1,019,316,944
Net loss per ordinary share: - basic (RMB)	(0.275)	(2.310)	(0.275)
Net loss per ordinary share – diluted:
Numerator (RMB’000):
Net loss attributable to ordinary shareholders of 36Kr Holdings Inc.- basic	(80,567)	(850,441)	(280,231)
Net loss attributable to ordinary shareholders - diluted	(80,567)	(850,441)	(280,231)
Denominator:
Denominator used in computing net loss per share - basic	292,731,461	368,159,249	1,019,316,944
Denominator used in computing net loss per share - diluted	292,731,461	368,159,249	1,019,316,944
Net loss per ordinary share - diluted (RMB)	(0.275)	(2.310)	(0.275)

Schedule of ordinary shares equivalents that were excluded from the computation to eliminate any antidilutive effect


	For the years ended
	December 31,
	2018	2019	2020
Preferred Shares	544,794,837	518,830,264	—
Share‑based awards	49,964,670	30,484,784	—
Total	594,759,507	549,315,048	—

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Taxes

Income Taxes

15. Income Taxes

Cayman Islands

Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.

British Virgin Islands (“BVI”)

Subsidiaries in the BVI are exempted from income tax on their foreign‑derived income in the BVI. There are no withholding taxes in the BVI.

Hong Kong

Entities incorporated in Hong Kong are subject to Hong Kong profits tax at a rate of 16.5% for taxable income earned in Hong Kong before April 1, 2018. Starting from the financial year commencing on April 1, 2018, a two-tiered profits tax regime took effect, under which the tax rate is 8.25% for assessable profits on the first HK$2 million and 16.5% for any assessable profits in excess of HK$2 million.

The PRC

In accordance with the Enterprise Income Tax Law (“EIT Law”), Foreign Investment Enterprises (“FIEs”) and domestic companies are subject to Enterprise Income Tax (“EIT”) at a uniform rate of 25%. Beijing Duoke is recognized as “High-New Technology Enterprise” (“HNTE”) and is eligible for a 15% preferential tax rate effective from 2020 through 2022, upon the completion of its filings with the relevant tax authorities. The qualification as an HNTE is subject to annual evaluation and a three-year review by the relevant authorities in China.

Composition of income tax

The following table presents the composition of income tax expenses for the years ended December 31, 2018, 2019 and 2020:


	For the year ended December 31,
	2018	2019	2020
	RMB’000	RMB’000	RMB’000
Current income tax expense	15,079	22,978	373
Deferred taxation	(252)	(3,085)	3,391
Total	14,827	19,893	3,764

Reconciliation of the differences between statutory income tax rate and the effective income tax rate for the years ended December 31, 2018, 2019 and 2020 are as below:


	For the year ended December 31,
	2018	2019	2020
	%	%	%
Statutory EIT rate	25.00	25.00	25.00
Effect of non‑deductible expenses(1)	3.28	(386.74)	(5.78)
Tax incentives for research and development expense(2)	(7.35)	111.56	2.08
Tax incentives for wages of disabled staff	(0.36)	9.89	0.02
Preferential tax rate	—	—	1.15
Change in valuation allowance	5.82	(154.03)	(23.19)
Non-taxable item (3)	—	47.58	—
Tax rate difference from statutory rate in other jurisdictions	0.40	7.45	(0.72)
Others	—	8.72	0.07
Effective income tax rate	26.79	(330.57)	(1.37)

(1)

It is mainly comprised of share‑based compensation expenses which are permanent differences.

(2)

According to policies promulgated by the State Tax Bureau of the PRC, certain of the Group’s subsidiaries are entitled to tax incentives for research and development expenses at 175% of tax‑deductible research and development expenses in 2018, 2019 and 2020.

(3)

It is due to the disposal gain arising from the disposal of 36Kr Global Holding.

Composition of deferred tax assets

Deferred taxes arising from PRC subsidiaries, the VIE and the VIE’s subsidiaries were measured using the enacted tax rates for the periods in which they are expected to be reversed. The Group’s deferred tax assets consist of the following components:


	December 31,	December 31,
	2019	2020
	RMB’000	RMB’000
Deferred tax assets - non‑current:
—Net operating tax losses carry forwards	9,440	30,536
—Allowances of doubtful accounts	3,144	18,906
—Property and equipment impairment	—	1,997
—Others	584	299
Total deferred tax assets	13,168	51,738
Deferred tax liabilities - non‑current:
—Change in fair value of short‑term investments	(147)	—
Total deferred tax liabilities	(147)	—
Subtotal	13,021	—
Less: valuation allowance	(9,630)	(51,738)
Total deferred tax assets, net	3,391	—

A valuation allowance is provided against deferred tax assets when the Group determines that it is more likely than not that the deferred tax assets will not be utilized in the future. In making such determination, the Group evaluates a variety of factors including the Group’s operating history, retained earnings, existence of taxable temporary differences and reversal periods.

As of December 31, 2020, the Group has incurred accumulated tax losses of RMB 143 million, increased from RMB 39 million as of December 31, 2019. Of these net tax losses carryforwards, RMB 11 million, RMB 28 million and RMB 104 million will expire in 2023, 2024 and 2025, respectively, if not utilized. The Group believes that it is more likely that these net accumulated tax losses will not be utilized in the future. Therefore, the Group has provided full valuation allowance for the deferred tax assets amounted to RMB 52 million which arose from such net accumulated tax losses as of December 31, 2020.

Withholding income tax

The EIT Law imposes a withholding income tax of 10% on dividends distributed by a foreign investment enterprise (“FIE”) to its immediate holding company outside of China, if such immediate holding company is considered as a non‑resident enterprise without any establishment or place within China or if the received dividends have no connection with the establishment or place of such immediate holding company within China, unless such immediate holding company’s jurisdiction of incorporation has a tax treaty with China that provides for a different withholding arrangement. Such withholding income tax was exempted under the previous EIT Law. The Cayman Islands, where the Company is incorporated, does not have such a tax treaty with China. According to the Arrangement between Mainland China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and Prevention of Fiscal Evasion in August 2006, dividends paid by a FIE in China to its immediate holding company in Hong Kong will be subject to withholding tax at a rate that may be lowered to 5% (if the foreign investor owns directly at least 25% of the shares of the FIE). The State Administration of Taxation (“SAT”) further promulgated Circular [2009] 601 and SAT Public Notice [2018] No.9 regarding the assessment criteria on beneficial owner status. The Group did not record any dividend withholding tax, as the Group’s FIE, the WFOE, has no retained earnings in any of the periods presented.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Prepayments and Other Current Assets (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Prepayments and Other Current Assets
Prepayments of copyright		¥ 7,862	¥ 25,000
Deposits		5,108	6,245
Prepayments of equipment location rental fee		54	3,216
Prepayments of office rent and utility fee		562	2,672
Prepayments of IT services		1,205	1,957
Prepayments of procurement cost		612	1,121
Others		916	1,641
Total	$ 2,501	¥ 16,319	¥ 41,852

Taxes Payable (Tables)

12 Months Ended

Dec. 31, 2020

Taxes Payable

Schedule of summary of taxes payable


	December 31,	December 31,
	2019	2020
	RMB’000	RMB’000

VAT payable	18,127	16,818
Enterprise income taxes payable	13,458	232
Withholding individual income taxes for employees	2,628	1,466
Construction fee for cultural undertaking payable	911	—
Others	217	308
Total	35,341	18,824

Leases

12 Months Ended

Dec. 31, 2020

Leases

Leases

11. Leases

The Group has office space under non-cancelable operating lease agreement.

A summary of supplemental information related to operating leases as of December 31, 2020 is as follows:


	December 31,
	2020
	RMB‘000
Operating lease right-of-use assets, net	27,365
Operating lease liabilities-current	(15,132)
Operating lease liabilities-non-current	(12,426)
Total operating lease liabilities	(27,558)
Weighted average remaining lease term	2.02	years
Weighted average discount rate	4.75	%

A summary of lease cost recognized in the Group’s consolidated statements of comprehensive income/(loss) and supplemental cash flow information related to operating leases is as follows:


		December 31,
		2020
		RMB‘000
Operating lease cost		15,306
Short-term lease cost		675
Total *		15,981
Cash paid for operating leases		(15,634)

* The lease expenses based on ASC 840 were RMB 10.25 million and RMB 16.21 million for the years ended December 31, 2018 and 2019, respectively.

A summary of maturity of operating lease liabilities under the Group’s non-cancelable operating leases as of December 31, 2020 is as follows:


		December 31,
		2020
		RMB‘000
2021		14,801
2022		13,575
2023		508
2024 and thereafter		260
Total lease payment		29,144
Less: interest		1,586
Present value of operating lease liabilities		27,558

As of December 31, 2019, the future minimum lease payments under the Group’s non-cancelable operating lease agreements based on ASC 840 are as follows:


		December 31,
		2019
		RMB‘000
2020		15,584
2021		14,801
2022		13,575
2023		508
2024		260
Total future lease payment		44,728

Prepayments and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2020

Prepayments and Other Current Assets

Schedule of prepayments and other current assets


	December 31,	December 31,
	2019	2020
	RMB’000	RMB’000
Prepayments of copyright	25,000	7,862
Deposits	6,245	5,108
Prepayments of equipment location rental fee	3,216	54
Prepayments of office rent and utility fee	2,672	562
Prepayments of IT services	1,957	1,205
Prepayments of procurement cost	1,121	612
Others	1,641	916
Total	41,852	16,319

Equity Method Investments	12 Months Ended
Equity Method Investments	Dec. 31, 2020
Equity Method Investments.
Equity Method Investments	8. Equity Method Investments Until July 2019, 36Kr Global Holding, a 100% owned investment holding company by the Group in Hong Kong, owned a 75% equity interest in KRASIA PLUS PTE. LTD. (“KrAsia”), a subsidiary of the Group in Singapore by then. In July 2019, 36Kr Global Holding acquired 67.5% equity interests in 36Kr Japan Co., Ltd. (“36Kr Japan”) with the consideration of JPY 30 million, equivalent to approximately RMB 2 million. 36Kr Japan was 36Kr’s platform in Japan to conduct similar businesses. Upon the completion of the aforementioned transactions, 36Kr Global Holding became the Group’s investment holding company owning the overseas businesses of the Group. In late September 2019, the Group entered into an investment agreement (the "Investment Agreement") with one of the Series D preferred shares investors of the Company, Lotus Walk Inc. (“Lotus”, 100% owned by Bytedance Ltd.). Pursuant to the Investment Agreement, the Group transferred 51% of the equity interest in 36Kr Global Holding to Lotus in exchange for the resources and technologies provided by Lotus to 36Kr Global Holding for the development of its overseas business, the Group agreed to invest US$ 6 million in cash as well. The fair value of the resources and technologies that Lotus provided to 36Kr Global Holding on the disposal date was approximately US$ 6.27 million determined by the Company with the assistance from an independent valuation firm. As a result, 36Kr Global Holding ceased to be a subsidiary of the Group and the remaining 49% equity interest in 36Kr Global Holding was accounted for as an investment using equity method, and the Group began recording its share of the operating results to the consolidated statements of comprehensive income/(loss) on a one quarter in arrears basis. The Group recognized a gain of approximately RMB 11.5 million arising from the deconsolidation of 36Kr Global Holding. The share of loss from the equity method investment in 36Kr Global Holding recorded in the consolidated statements of comprehensive income/(loss) were nil and RMB23.5 million for the years ended December 31, 2019 and 2020, respectively.

Convertible Redeemable Preferred Shares - Re-designation (Details)	1 Months Ended												4 Months Ended	12 Months Ended		24 Months Ended
	Sep. 30, 2019 USD ($) shares	Aug. 31, 2019 shares	Apr. 30, 2019 USD ($) shares	Apr. 30, 2019 CNY (¥) shares	Mar. 31, 2019 CNY (¥) shares	Dec. 31, 2016 shares	Nov. 30, 2016 shares	May 31, 2016 shares	Mar. 31, 2016 shares	Sep. 30, 2015 shares	Jun. 30, 2012 shares	Nov. 30, 2011 shares	Jan. 31, 2018 shares	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥) shares	Dec. 31, 2020 shares
Convertible Redeemable Preferred Shares
Total amount \| ¥															¥ 100,000,000
Preferred shares issued (in shares)															65,427,000
Series B-3 Convertible Redeemable Preferred Stock
Convertible Redeemable Preferred Shares
Share issuance upon initial public offering, net of issuance costs (in shares)		56,105,000	17,215,818	17,215,818	10,027,455		7,220,212			12,141,515
Total amount \| ¥				¥ 30,896,752	¥ 27,140,000
Difference between the fair value and the par value of the ordinary shares \| ¥				¥ 29,956,000
Difference between the fair value of the preferred shares and the fair value of the ordinary shares \| $			$ 11,230,000
Re-designation of ordinary shares \| ¥														¥ (29,966,000)
Series B-4 Convertible Redeemable Preferred Stock
Convertible Redeemable Preferred Shares
Share issuance upon initial public offering, net of issuance costs (in shares)		20,982,000	11,643,239	11,643,239		2,334,688			7,004,073
Total amount \| ¥				¥ 36,756,000
Difference between the fair value and the par value of the ordinary shares \| ¥				¥ 20,261,000
Difference between the fair value of the preferred shares and the fair value of the ordinary shares \| $			$ 15,554,000
Re-designation of ordinary shares \| ¥														(20,268,000)
Series A-1, A-2, B-1, B-2 and B-3 convertible redeemable preferred shares
Convertible Redeemable Preferred Shares
Share issuance upon initial public offering, net of issuance costs (in shares)		67,311,809
Re-designation of ordinary shares \| ¥														(309,984,000)
Series A-1 Convertible Redeemable Preferred Stock
Convertible Redeemable Preferred Shares
Share issuance upon initial public offering, net of issuance costs (in shares)		65,307,000										62,273,127
Series A-2 Convertible Redeemable Preferred Stock
Convertible Redeemable Preferred Shares
Share issuance upon initial public offering, net of issuance costs (in shares)		101,261,000									81,008,717
Series B-1 Convertible Redeemable Preferred Stock
Convertible Redeemable Preferred Shares
Share issuance upon initial public offering, net of issuance costs (in shares)		250,302,000								200,241,529
Series B-2 Convertible Redeemable Preferred Stock
Convertible Redeemable Preferred Shares
Share issuance upon initial public offering, net of issuance costs (in shares)		14,593,000						11,674,379
Series C-1 Convertible Redeemable Preferred Stock
Convertible Redeemable Preferred Shares
Share issuance upon initial public offering, net of issuance costs (in shares)		164,876,000											164,876,000
Preferred shares issued (in shares)															65,427,000
Series C-2 Convertible Redeemable Preferred Stock
Convertible Redeemable Preferred Shares
Re-designation of ordinary shares \| ¥														(36,977,000)
Re-designation of ordinary shares into convertible redeemable preferred shares (in shares)		12,545,000
Series D Convertible Redeemable Preferred Stock
Convertible Redeemable Preferred Shares
Preferred shares issued (in shares)	39,999,999															39,999,999
Aggregate Purchase Price \| $	$ 24,000,000
Restricted share units \| Series A-1, A-2, B-1, B-2 and B-3 convertible redeemable preferred shares
Convertible Redeemable Preferred Shares
Share issuance upon initial public offering, net of issuance costs (in shares)		12,927,101
Ordinary shares \| Series B-3 Convertible Redeemable Preferred Stock
Convertible Redeemable Preferred Shares
Re-designation of ordinary shares \| ¥														(10,000)
Ordinary shares \| Series B-4 Convertible Redeemable Preferred Stock
Convertible Redeemable Preferred Shares
Re-designation of ordinary shares \| ¥														(7,000)
Ordinary shares \| Series A-1, A-2, B-1, B-2 and B-3 convertible redeemable preferred shares
Convertible Redeemable Preferred Shares
Share issuance upon initial public offering, net of issuance costs (in shares)		15,553,793
Re-designation of ordinary shares \| ¥														(11,000)
Ordinary shares \| Series C-2 Convertible Redeemable Preferred Stock
Convertible Redeemable Preferred Shares
Re-designation of ordinary shares \| ¥														¥ (9,000)

Condensed Financial Information of the Company

12 Months Ended

Dec. 31, 2020

Condensed Financial Information of the Company

Condensed Financial Information of the Company

23. Condensed Financial Information of the Company

The condensed financial information of the Company has been prepared in accordance with SEC Regulation S-X Rule 5-04 and Rule 12-04, using the same accounting policies as set out in the Group’s consolidated financial statements, except that the Company uses the equity method to account for investments in its subsidiaries, VIE and VIE’s subsidiaries.

The subsidiaries did not pay any dividend to the Company for the years presented. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements are not the general-purpose financial statements of the reporting entity and should be read in conjunction with the notes to the consolidated financial statements of the Group.

The Company did not have significant capital and other commitments or guarantees as of December 31, 2020.

Condensed Balance Sheet


	December 31,	December 31,	December 31,
	2019	2020	2020
	RMB’000	RMB’000	US$’000
			(Note 2 e)
Current assets:
Cash and cash equivalents	159,038	48,510	7,435
Receivables due from related parties	28	29	4
Prepayments and other current assets	109	181	27
Non‑current assets:
Investments in subsidiaries, VIE and subsidiaries of VIE	511,340	351,816	53,917
Total assets	670,515	400,536	61,383
Current liabilities:
Amount due to inter-company entities	15,761	14,762	2,261
Accrued liabilities and other payables	17,545	4,953	759
Total liabilities	33,306	19,715	3,020
Commitments and Contingencies (Note 18)
Shareholders' equity:
Class A ordinary shares (US$0.0001 par value per share; 4,903,917,300 shares authorized, 841,275,820 shares issued and outstanding as of December 31, 2019; 4,903,917,300 shares authorized, 884,846,745 shares issued and 871,850,620 shares outstanding as of December 31, 2020)	613	621	95
Class B ordinary shares (US$0.0001 par value per share; 96,082,700 shares authorized, 96,082,700 shares issued and outstanding as of December 31, 2019 and 2020, respectively)	66	66	10
Additional paid-in capital	2,000,267	2,040,693	312,750
Treasury stock (US$ 0.0001 par value; 2,561,468 shares and 15,557,593 shares as of December 31, 2019 and 2020, respectively)	(2,333)	(14,081)	(2,158)
Accumulated deficit	(1,358,350)	(1,638,581)	(251,124)
Accumulated other comprehensive loss	(3,054)	(7,897)	(1,210)
Total 36Kr Holdings Inc.'s shareholders’ equity	637,209	380,821	58,363
Total liabilities and shareholders’ equity	670,515	400,536	61,383

Condensed Statement of Operations and Comprehensive Loss


	For the year ended December 31,
	2019	2020	2020
	RMB’000	RMB’000	US$’000
			(Note 2 e)
Operating expenses:
Sales and marketing expenses	—	(55)	(8)
General and administrative expenses	(2,435)	(9,439)	(1,447)
Total operating expenses	(2,435)	(9,494)	(1,455)
Loss from operations	(2,435)	(9,494)	(1,455)
Other income/(expenses):
Share of loss from subsidiaries, VIE and subsidiaries of VIE	(23,797)	(272,297)	(41,732)
Interest income	484	983	151
Interest expense	(73)	(14)	(2)
Others, net	66	591	91
Loss before income tax	(25,755)	(280,231)	(42,947)
Income tax expense	—	—	—
Net loss	(25,755)	(280,231)	(42,947)
Accretion on redeemable non-controlling interests to redemption value	(1,808)	—	—
Accretion of convertible redeemable preferred shares to redemption value	(449,130)	—	—
Re-designation of Series A-1 into Series B-3 convertible redeemable preferred shares	(26,787)	—	—
Re-designation of ordinary shares into Series A-1, A-2, B-1, B-2, B-3 convertible redeemable preferred shares, and issuance of Series A-1, A-2, B-1, B-2, B-3 convertible redeemable preferred shares	(309,984)	—	—
Re-designation of ordinary shares into Series C-2 convertible redeemable preferred shares	(36,977)	—	—
Net loss attributable to 36Kr Holdings Inc.’s ordinary shareholders	(850,441)	(280,231)	(42,947)

Condensed Statement of Cash Flows


	For the year ended December 31,
	2019	2020	2020
	RMB’000	RMB’000	US$’000
			(Note 2 e)
Net cash used in operating activities	(1,604)	(3,298)	(505)
Net cash used in investing activities	(123,599)	(77,536)	(11,883)
Net cash provided by/(used in) financing activities	284,489	(27,360)	(4,193)
Effect of exchange rate changes on cash, and cash equivalents held in foreign currencies	(248)	(2,334)	(358)
Net increase/(decrease) in cash and cash equivalents	159,038	(110,528)	(16,939)
Cash and cash equivalents at beginning of the year	—	159,038	24,374
Cash and cash equivalents at end of the year	159,038	48,510	7,435

Nature of Operations and Reorganization - Contractual agreements with the VIE (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2020 CNY (¥)
Current assets:
Cash and cash equivalents	$ 9,325		¥ 177,372		¥ 60,846
Restricted cash			505
Short-term investments	22,735		86,362		148,344
Accounts receivable, net	46,720		538,537		304,845
Receivables due from related parties	15		4,615		98
Prepayments and other current assets	2,501		41,852		16,319
Non-current assets:
Property and equipment, net	604		15,964		3,941
Intangible assets, net	72		356		471
Deferred tax assets			3,391
Operating lease right-of-use assets, net	4,194				27,365
Total assets	88,664		910,815		578,529
Current liabilities:
Accounts payable	9,907		139,336		64,641
Salary and welfare payables	6,985		50,721		45,580
Taxes payable	2,885		35,341		18,824
Deferred revenue	2,889		8,161		18,849
Amounts due to related parties	84				548
Accrued liabilities and other payables	2,079		33,308		13,560
Operating lease liabilities	2,319				15,132
Non-current liabilities:
Operating lease liabilities	1,904				12,426
Total liabilities	29,052		266,867		189,560
Total revenues	59,274	¥ 386,764	655,606	¥ 299,093
Net income/(loss)	(42,811)	(279,342)	(25,911)	40,518
Net cash (used in)/provided by operating activities	(2,625)	(17,125)	(158,937)	(45,598)
Net cash (used in)/provided by investing activities	(9,852)	(64,289)	9,885	(56,294)
Net cash provided by/(used in) financing activities	(5,033)	(32,837)	278,337	104,716
Effect of exchange rate changes on cash, cash equivalents, and restricted cash held in foreign currencies	$ (426)	(2,780)	(376)	501
VIEs
Current assets:
Cash and cash equivalents			11,870		11,494
Restricted cash			501
Short-term investments			40,096		122,277
Accounts receivable, net			538,537		304,845
Amounts due from the Company and its subsidiaries			15,807		16,106
Receivables due from related parties			4,393		89
Prepayments and other current assets			16,810		14,566
Non-current assets:
Property and equipment, net			15,964		3,937
Intangible assets, net			356		471
Deferred tax assets			3,391
Operating lease right-of-use assets, net					27,365
Total assets			647,725		501,150
Current liabilities:
Accounts payable			139,336		64,641
Salary and welfare payables			34,578		32,749
Taxes payable			32,441		17,207
Deferred revenue			8,161		18,849
Amounts due to the Company and its subsidiaries			116,097		199,392
Amounts due to related parties			0		548
Accrued liabilities and other payables			15,302		8,219
Operating lease liabilities			0		15,132
Non-current liabilities:
Operating lease liabilities			0		12,426
Total liabilities			345,915		¥ 369,163
Total revenues		386,861	655,241	299,093
Net income/(loss)		(170,451)	(5,058)	40,518
Net cash (used in)/provided by operating activities		57,273	(133,255)	(45,598)
Net cash (used in)/provided by investing activities		(83,561)	98,305	(56,294)
Net cash provided by/(used in) financing activities		¥ 25,411	(1,614)	104,716
Effect of exchange rate changes on cash, cash equivalents, and restricted cash held in foreign currencies			¥ (33)	¥ 501

Accounts Receivable, net

12 Months Ended

Dec. 31, 2020

Accounts Receivable, net

Accounts Receivable, net

5. Accounts Receivable, net

Accounts receivable, net consists of the following:


	December 31,	December 31,
	2019	2020
	RMB’000	RMB’000
Accounts receivable	549,950	429,049
Less: allowance for doubtful accounts	(11,413)	(124,204)
Accounts receivable, net	538,537	304,845

Accounts receivable are non‑interest bearing and are generally on terms between 90 to 270 days. In some cases, these terms are extended for certain qualifying long‑term customers who have met specific credit requirements.

The movements in the allowance for doubtful accounts are as follows:


	For the year ended
	December 31,
	2018	2019	2020
	RMB’000	RMB’000	RMB’000
Balance at beginning of the year	—	(2,070)	(11,413)
Additions	(2,070)	(9,504)	(125,563)
Write-offs	—	161	12,772
Balance at end of the year	(2,070)	(11,413)	(124,204)

Nature of Operations and Reorganization (Tables)

12 Months Ended

Dec. 31, 2020

Nature of Operations and Reorganization

Schedule of ownership structure of the major subsidiaries and VIE


		Percentage
		of Direct or
		Indirect
	Place and year of	Economic
Major subsidiaries	Incorporation	Ownership		Principal activities
36Kr Holding Limited (“36Kr BVI” or “BVI Subsidiary”)	British Virgin Islands, established in 2018	100	%	Investment holding
36Kr Holdings (HK) Limited (“36Kr HK” or “HK Subsidiary”)	Hong Kong, established in 2018	100	%	Investment holding
Tianjin Duoke Investment Co., Ltd. (“Tianjin Duoke”)	The PRC, established in 2019	100	%	Investment holding
Tianjin Dake Information Technology Co., Ltd. (“Tianjin Dake”)	The PRC, established in 2019	100	%	Management consulting
Beijing Dake	The PRC, established in 2019	100	%	Management consulting


		Percentage
	Place and year of	of Economic
VIE	Incorporation	Ownership		Principal activities
Beijing Duoke	The PRC, established in 2016	100	%	36Kr Business


		Percentage
	Place and year of	of Economic
VIE Major subsidiaries	Incorporation	Ownership		Principal activities
Tianjin Thirtysix Hearts Technology Co., Ltd.	The PRC, established in 2017	100	%	Offline training
Beijing Dianqier Creative Interactive Media Culture Co., Ltd. (“Dianqier”)	The PRC, established in 2017	100	%	Enterprise value‑added services
Zhejiang Pinxin Technology Co., Ltd.	The PRC, established in 2019	100	%	Investment holding

Schedule of financial information of the Group's VIE and the VIE's subsidiaries included in the accompanying consolidated financial statements

The following financial information of the Group’s VIE and the VIE’s subsidiaries as of December 31, 2019 and 2020 and for the years ended December 31, 2018, 2019 and 2020 is included in the accompanying consolidated financial statements of the Group as follows:


	December 31,	December 31,
	2019	2020
	RMB’000	RMB’000
Current assets:
Cash and cash equivalents	11,870	11,494
Restricted cash	501	—
Short‑term investments	40,096	122,277
Accounts receivable, net	538,537	304,845
Amounts due from the Company and its subsidiaries	15,807	16,106
Receivables due from related parties of the Group	4,393	89
Prepayments and other current assets	16,810	14,566
Non‑current assets:
Property and equipment, net	15,964	3,937
Intangible assets, net	356	471
Operating lease right-of-use assets, net	—	27,365
Deferred tax assets	3,391	—
Total assets	647,725	501,150
Current liabilities:
Accounts payable	139,336	64,641
Salary and welfare payables	34,578	32,749
Taxes payable	32,441	17,207
Deferred revenue	8,161	18,849
Amounts due to the Company and its subsidiaries	116,097	199,392
Amounts due to related parties of the Group	—	548
Accrued liabilities and other payables	15,302	8,219
Operating lease liabilities	—	15,132
Non-current liabilities:
Operating lease liabilities	—	12,426
Total liabilities	345,915	369,163


	For the year ended December 31,
	2018	2019	2020
	RMB’000	RMB’000	RMB’000
Total revenues	299,093	655,241	386,861
Net income/(loss)	40,518	(5,058)	(170,451)


	For the year ended December 31,
	2018	2019	2020
	RMB’000	RMB’000	RMB’000
Net cash (used in)/provided by operating activities	(45,598)	(133,255)	57,273
Net cash (used in)/provided by investing activities	(56,294)	98,305	(83,561)
Net cash provided by/(used in) financing activities	104,716	(1,614)	25,411
Effect of exchange rate changes on cash, cash equivalents, and restricted cash held in foreign currencies	501	(33)	—

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Accounts Receivable, net (Tables)

12 Months Ended

Dec. 31, 2020

Accounts Receivable, net

Schedule of accounts receivable, net


	December 31,	December 31,
	2019	2020
	RMB’000	RMB’000
Accounts receivable	549,950	429,049
Less: allowance for doubtful accounts	(11,413)	(124,204)
Accounts receivable, net	538,537	304,845

Schedule of allowance for doubtful accounts


	For the year ended
	December 31,
	2018	2019	2020
	RMB’000	RMB’000	RMB’000
Balance at beginning of the year	—	(2,070)	(11,413)
Additions	(2,070)	(9,504)	(125,563)
Write-offs	—	161	12,772
Balance at end of the year	(2,070)	(11,413)	(124,204)

COVID -19	12 Months Ended
COVID -19	Dec. 31, 2020
COVID -19
COVID -19	21. COVID -19 The outbreak of a novel strain of the coronavirus, specifically identified as “COVID-19”, has spread globally. COVID-19 is a virus causing potentially deadly respiratory tract infections and has impacted the global economy. In March 2020, the World Health Organization declared COVID-19 a pandemic. The outbreak led to certain impact to the operation of the Group’s business especially the delay or cancellation of offline events and offline training as well as the curtailment of advertising expenditures by certain customers, which adversely affected the financial results of the Group, including but not limited to negative impact to the Company’s total revenues and slower collection of receivables, additional allowance for doubtful accounts and impairment to the Company’s long-term assets. The business and financial position of certain of the Group’s customers were also affected. Relaxation of restrictions on economic and social life may lead to new cases which may lead to the re-imposition of restrictions. However, the Group will pay close attention to the development of the COVID-19 pandemic and continue to evaluate the nature and extent of the impact to the Group’s financial condition.

Share repurchase program (Details) $ / shares in Units, ¥ in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Oct. 31, 2019 USD ($) shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2020 CNY (¥) shares	May 31, 2020 shares
Equity, Class of Treasury Stock [Line Items]
Number of shares repurchased	2,561,468	12,996,125	12,996,125
Payments for repurchase of shares \| $	$ 2.3
ADS
Equity, Class of Treasury Stock [Line Items]
Number of shares authorized to repurchase				1,000,000
Number of shares repurchased		519,845	519,845
Payments for repurchase of shares		$ 1.7	¥ 11.7
Weighted average price \| $ / shares		$ 3.30

Concentrations and Risks

12 Months Ended

Dec. 31, 2020

Concentrations and Risks

Concentrations and Risks

4. Concentrations and Risks

(a) Concentration of customers and suppliers

Customers accounting for more than 10% of the Group’s total revenues for the years ended December 31, 2018, 2019 and 2020 and more than 10% of the Group’s accounts receivable, net as of December 31, 2019 and 2020 were as follows:


	For the year ended
	December 31,
Revenues	2018		2019		2020
Customer A	19	%	*		*
Customer B	—		31	%	32	%


	As of
	December 31,
Accounts receivable	2019		2020
Customer A	11	%	11	%
Customer B	35	%	39	%

Suppliers accounting for more than 10% of the Group’s total costs and expenses for the years ended December 31, 2018, 2019 and 2020 and more than 10% of the Group’s accounts payable as of December 31, 2019 and 2020, were as follows:


	For the year ended
	December 31,
Costs and expenses	2018	2019		2020

Supplier C	—	27	%	22	%


	As of
	December 31,
Accounts payable	2019		2020
Supplier C	57	%	*

* Less than 10%

(b) Credit risk

The Group’s credit risk primarily arises from cash and cash equivalents, restricted cash, short‑term investments, receivables due from its customers, related parties and other parties. The maximum exposure of such assets to credit risk is the assets’ carrying amounts as of the balance sheet dates. The Group expects that there is no significant credit risk associated with cash and cash equivalents and short-term investments which were held by reputable financial institutions in the jurisdictions where the Company, its subsidiaries, VIE and the subsidiaries of the VIE are located. The Group believes that it is not exposed to unusual risks as these financial institutions have high credit quality.

The Group believes that there is no significant credit risk associated with amounts due from related parties. Receivables due from customers are typically unsecured in the PRC and the credit risk with respect to which is mitigated by credit evaluations the Group performs on its customers and its ongoing monitoring process of outstanding balances.

The Group’s operating transactions are mainly denominated in RMB, which is not freely convertible into foreign currencies. The value of the RMB is subject to changes by the central government policies and to international economic and political development. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China (the “PBOC”). Remittances in currencies other than RMB by the Group in China must be processed through PBOC or other China foreign exchange regulatory bodies which require certain supporting documentation in order to effect the remittance.

(d) PRC regulations

The Group is required to obtain certain licenses to operate the Internet information services including Internet news information license, Internet audio-visual program transmission license, Internet publishing license and value-added telecommunication license. Online culture operating permit and production and operation of radio and television programs license may also be required by the relevant authorities due to the uncertainties of the interpretation of the related laws and regulations. Without these licenses, the PRC government may order the Group to cease its services, which may cause disruption to the Group’s business operations. As of the date of the report, the Group has obtained the value-added telecommunication license, online culture operating license and production and operation of radio and television programs license by the relevant authorities and is in the process of applying for other licenses and permits for the certain operations of the businesses.

Income Taxes - Withholding income tax (Details)	12 Months Ended
Income Taxes - Withholding income tax (Details)	Dec. 31, 2020
Outside of China
Income taxes
Withholding income tax rate on dividends distributed by a FIE	10.00%
Minimum \| Outside of China
Income taxes
Percentage of shares owned by foreign investors	25.00%
Minimum \| Hong Kong
Income taxes
Withholding income tax rate on dividends distributed by a FIE	5.00%

Share-based Compensation

12 Months Ended

Dec. 31, 2020

Share-based Compensation

Share-based Compensation

16. Share‑based Compensation

2019 Incentive Plan

In September 2019, the Company adopted a share incentive plan (“2019 Incentive Plan”). The 2019 Incentive Plan permits the awards of options and the maximum aggregate number of ordinary shares which may be issued pursuant to all awards is 137,186,000. 91,548,120 restricted share units including both vested and unvested restricted share units under the 2014 and 2016 incentive plan adopted by the Group before the Reorganization set forth in Note 1 (b) were cancelled concurrently upon the adoption of the 2019 Incentive Plan, and each participant of the 2014 and 2016 incentive plan received corresponding grants of options with similar terms except for the exercise price of US$ 0.0001 and the performance condition added as disclosed below under the 2019 Incentive Plan. The cancellation of 2014 and 2016 incentive plan accompanied by the grant of a replacement award under 2019 Incentive Plan is accounted for as a modification of the terms of the cancelled award. Refer to Note 2 (u) for the accounting policy for such modification. The incremental value for the modification was nil. Under the 2019 Incentive Plan, the Company granted 129,590,471 and 5,125,000 share options for the years ended December 31, 2019 and 2020, respectively, to certain directors and senior management.

Options granted to employees under the 2019 Incentive Plan were subject to both service condition and performance condition with various vesting schedules ranging from immediate to 4 years, and will be expired in ten years. For the share options with performance condition, an evaluation is made each quarter as to the likelihood of performance condition being met.

The Company uses binomial option pricing model to determine the fair value of share options with the assistance of an independent third party valuation firm. The estimated fair value of each share option granted is estimated with the following assumptions:


Grant date	September 7, 2019		December 19, 2020
Expected volatility	50.22	%	50.22	%
Expected dividend yield	—		—
Contractual term (in year)	10		10
Risk-free interest rate	1.66	%	1.66	%

The expected volatility at grant date was estimated based on the annualized standard deviation of the daily return embedded in historical share prices of comparable peer companies with a time horizon close to the expected expiry of the term of the share options. The Company has never declared or paid any cash dividends on its capital stock, and the Company does not anticipate any dividend payments in the foreseeable future. Contractual term is the remaining contract life of the share options. The Company estimated the risk-free interest rate based on the yield to maturity of U.S. treasury bonds denominated in US$ at the share option grant date.

The following table presents a summary of the Group’s share options activities for the years ended December 31, 2019 and 2020:


				Weighted average
		Weighted average	Aggregate intrinsic	remaining
	Number of	exercise price	value	contractual
	shares	US$ per share	US$	years
Outstanding at December 31, 2018	—	—	—	—
Granted during the year	129,590,471	0.0001
Exercised during the year	—	—
Forfeited during the year	(3,187,546)	0.0001
Outstanding at December 31, 2019	126,402,925	0.0001	37,352,064	9.68
Granted during the year	5,125,000	0.0001
Exercised during the year	(36,613,500)	0.0001
Forfeited / Cancelled during the year	(6,674,341)	0.0001
Outstanding at December 31, 2020	88,240,084	0.0001	9,847,593	8.77
Exercisable at December 31, 2020	69,926,029	0.0001	7,796,752	8.68

The weighted average grant date fair value of share options granted for the years ended December 31, 2019 and 2020 were RMB 3.81 (US$ 0.55) and RMB 0.78 (US$0.12), respectively. For the years ended December 31, 2019 and 2020, total share-based compensation expenses recognized for share options granted were RMB 61.25 million and RMB 39.28 million, respectively. Nil and 36,613,500 share options granted were exercised for the years ended December 31, 2019 and 2020, respectively.

As mentioned above, certain vested restricted share units under 2014 and 2016 incentive plan have been replaced by the same amount of share options (“Replacement Share Options”) granted on September 7, 2019 under the 2019 Incentive Plan, which were vested immediately upon the grant. Before the modification, those vested restricted share units were deemed as ordinary shares from the accounting’s perspective. As a result, the corresponding Replacement Share Options were continuously deemed as ordinary shares in the consolidated statements of changes in shareholders’ (deficit)/equity, as they had no vesting conditions or contingencies upon the grant and were issuable for little to no consideration. Options subsequently granted under the 2019 Incentive Plan, regardless vested or not, were viewed as options until they are exercised. Among the 36,613,500 share options legally exercised in 2020, there were 24,474,535 Replacement Share Options included.

As of December 31, 2020, the unrecognized share-based compensation expense related to unvested share options granted was RMB 31.56 million. Total unrecognized share-based compensation expenses are expected to be recognized over a weighted average period of 2.64 years.

The aggregate number of Class A ordinary shares available for future grant under the 2019 Incentive Plan was 12,081,944 as of December 31, 2020.

Convertible Redeemable Preferred Shares - Issuances (Details) - ¥ / shares	1 Months Ended										4 Months Ended
	Aug. 31, 2019	Apr. 30, 2019	Mar. 31, 2019	Dec. 31, 2016	Nov. 30, 2016	May 31, 2016	Mar. 31, 2016	Sep. 30, 2015	Jun. 30, 2012	Nov. 30, 2011	Jan. 31, 2018
Series A-1 Convertible Redeemable Preferred Stock
Convertible Redeemable Preferred Shares
Issuance price per share (in US dollar per share)										¥ 0.01
New issuance (in shares)	65,307,000									62,273,127
Series A-2 Convertible Redeemable Preferred Stock
Convertible Redeemable Preferred Shares
Issuance price per share (in US dollar per share)									¥ 0.06
New issuance (in shares)	101,261,000								81,008,717
Series B-1 Convertible Redeemable Preferred Stock
Convertible Redeemable Preferred Shares
Issuance price per share (in US dollar per share)								¥ 1.24
New issuance (in shares)	250,302,000							200,241,529
Series B-2 Convertible Redeemable Preferred Stock
Convertible Redeemable Preferred Shares
Issuance price per share (in US dollar per share)						¥ 3.21
New issuance (in shares)	14,593,000					11,674,379
Series B-3 Convertible Redeemable Preferred Stock
Convertible Redeemable Preferred Shares
Issuance price per share (in US dollar per share)					¥ 3.12			¥ 1.24
New issuance (in shares)	56,105,000	17,215,818	10,027,455		7,220,212			12,141,515
Series B-4 Convertible Redeemable Preferred Stock
Convertible Redeemable Preferred Shares
Issuance price per share (in US dollar per share)				¥ 3.21			¥ 3.21
New issuance (in shares)	20,982,000	11,643,239		2,334,688			7,004,073
Series C-1 Convertible Redeemable Preferred Stock
Convertible Redeemable Preferred Shares
Issuance price per share (in US dollar per share)											¥ 1.53
New issuance (in shares)	164,876,000										164,876,000

Taxes Payable (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Taxes Payable
VAT payable		¥ 16,818	¥ 18,127
Enterprise income taxes payable		232	13,458
Withholding individual income taxes for employees		1,466	2,628
Construction fee for cultural undertaking payable			911
Others		308	217
Total	$ 2,885	¥ 18,824	¥ 35,341

Income Taxes - Composition of income tax (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)
Composition of income tax
Current income tax expense		¥ 373	¥ 22,978	¥ 15,079
Deferred taxation	$ 520	3,391	(3,085)	(252)
Total	$ 577	¥ 3,764	¥ 19,893	¥ 14,827

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Accrued Liabilities and Other Payables (Tables)

12 Months Ended

Dec. 31, 2020

Accrued Liabilities and Other Payables

Schedule of accrued liabilities and other payables


	December 31,	December 31,
	2019	2020
	RMB’000	RMB’000
Accrued professional fees	27,788	10,459
Accrued office rental expense	2,337	340
Accrued employee welfare expense, meal and travel expense	714	411
Guarantee deposits	410	330
Withholding employees' social insurance and housing fund	843	1,082
Others	1,216	938
Total	33,308	13,560

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Current assets:
Cash and cash equivalents	$ 9,325	¥ 60,846	¥ 177,372
Restricted cash			505
Short-term investments	22,735	148,344	86,362
Accounts receivable, net	46,720	304,845	538,537
Receivables due from related parties	15	98	4,615
Prepayments and other current assets	2,501	16,319	41,852
Total current assets	81,296	530,452	849,243
Non-current assets:
Property and equipment, net	604	3,941	15,964
Intangible assets, net	72	471	356
Equity method investments	2,498	16,300	41,861
Deferred tax assets			3,391
Operating lease right-of-use assets, net	4,194	27,365
Total non-current assets	7,368	48,077	61,572
Total assets	88,664	578,529	910,815
Current liabilities:
Accounts payable (including amounts of the consolidated variable interest entity ("VIE") and its subsidiaries without recourse to the primary beneficiary of RMB 139.34 million and RMB 64.64 million as of December 31, 2019 and 2020, respectively)	9,907	64,641	139,336
Salary and welfare payables (including amounts of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of RMB 34.58 million and RMB 32.75 million as of December 31, 2019 and 2020, respectively)	6,985	45,580	50,721
Taxes payable (including amounts of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of RMB 32.44 million and RMB 17.21 million as of December 31, 2019 and 2020, respectively)	2,885	18,824	35,341
Deferred revenue (including amounts of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of RMB 8.16 million and RMB 18.85 million as of December 31, 2019 and 2020, respectively)	2,889	18,849	8,161
Amounts due to related parties (including amounts of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of nil and RMB 0.55 million as of December 31, 2019 and 2020, respectively)	84	548
Accrued liabilities and other payables (including amounts of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of RMB 15.30 million and RMB 8.22 million as of December 31, 2019 and 2020, respectively)	2,079	13,560	33,308
Operating lease liabilities(including amounts of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of nil and RMB 15.13 million as of December 31, 2019 and 2020, respectively)	2,319	15,132
Total current liabilities	27,148	177,134	266,867
Non-current liabilities:
Operating lease liabilities(including amounts of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of nil and RMB 12.43 million as of December 31, 2019 and 2020, respectively)	1,904	12,426
Total non-current liabilities	1,904	12,426
Total liabilities	29,052	189,560	266,867
Commitments and Contingencies (Note 18)
Shareholders' equity
Additional paid-in capital	312,750	2,040,693	2,000,267
Treasury stock (US$ 0.0001 par value; 2,561,468 shares and 15,557,593 shares as of December 31, 2019 and 2020, respectively)	(2,158)	(14,081)	(2,333)
Accumulated deficit	(251,124)	(1,638,581)	(1,358,350)
Accumulated other comprehensive loss	(1,210)	(7,897)	(3,054)
Total 36Kr Holdings Inc.'s shareholders' equity	58,363	380,821	637,209
Non-controlling interests	1,249	8,148	6,739
Total shareholders' equity	59,612	388,969	643,948
Total liabilities and shareholders' equity	88,664	578,529	910,815
Class A ordinary shares
Shareholders' equity
Ordinary shares	95	621	613
Class B ordinary shares
Shareholders' equity
Ordinary shares	$ 10	¥ 66	¥ 66

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases

Summary of supplemental information related to operating leases


	December 31,
	2020
	RMB‘000
Operating lease right-of-use assets, net	27,365
Operating lease liabilities-current	(15,132)
Operating lease liabilities-non-current	(12,426)
Total operating lease liabilities	(27,558)
Weighted average remaining lease term	2.02	years
Weighted average discount rate	4.75	%

Summary of lease cost


		December 31,
		2020
		RMB‘000
Operating lease cost		15,306
Short-term lease cost		675
Total *		15,981
Cash paid for operating leases		(15,634)

Summary of maturity of operating lease liabilities under the Group's non-cancelable operating leases


		December 31,
		2020
		RMB‘000
2021		14,801
2022		13,575
2023		508
2024 and thereafter		260
Total lease payment		29,144
Less: interest		1,586
Present value of operating lease liabilities		27,558

Summary of future minimum lease payments under the Group's non-cancelable operating lease


		December 31,
		2019
		RMB‘000
2020		15,584
2021		14,801
2022		13,575
2023		508
2024		260
Total future lease payment		44,728

Concentrations and Risks (Tables)

12 Months Ended

Dec. 31, 2020

Revenues | Customer risk

Concentration Risk [Line Items]

Summary of concentration of risk


	For the year ended
	December 31,
Revenues	2018		2019		2020
Customer A	19	%	*		*
Customer B	—		31	%	32	%

Accounts receivable | Customer risk

Concentration Risk [Line Items]

Summary of concentration of risk


	As of
	December 31,
Accounts receivable	2019		2020
Customer A	11	%	11	%
Customer B	35	%	39	%

Costs and expenses | Supplier risk

Concentration Risk [Line Items]

Summary of concentration of risk


	For the year ended
	December 31,
Costs and expenses	2018	2019		2020

Supplier C	—	27	%	22	%

Accounts payable | Supplier risk

Concentration Risk [Line Items]

Summary of concentration of risk


	As of
	December 31,
Accounts payable	2019		2020
Supplier C	57	%	*

* Less than 10%

Accounts Receivable, net - Summary (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Accounts receivable		¥ 429,049	¥ 549,950
Less: allowance for doubtful accounts		(124,204)	(11,413)
Accounts receivable, net	$ 46,720	¥ 304,845	¥ 538,537
Minimum
Terms of accounts receivable	90 days
Maximum
Terms of accounts receivable	270 days

Property and Equipment, net (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2020 CNY (¥)
Property and equipment, net
Total			¥ 22,595		¥ 23,545
Less: accumulated depreciation			(6,631)		(11,617)
Less: impairment					(7,987)
Property and equipment, net	$ 604		15,964		3,941
Depreciation expense	850	¥ 5,549	4,195	¥ 1,585
Impairment of long-lived assets	$ 1,224	¥ 7,987
Electronic equipment and computers
Property and equipment, net
Total			16,274		16,502
Office furniture and equipment
Property and equipment, net
Total			2,130		2,398
Leasehold improvement
Property and equipment, net
Total			¥ 4,191		¥ 4,645

Convertible Redeemable Preferred Shares

12 Months Ended

Dec. 31, 2020

Convertible Redeemable Preferred Shares

Convertible Redeemable Preferred Shares

14. Convertible Redeemable Preferred Shares

a. The following table summarizes the issuances of convertible redeemable preferred shares as of December 31, 2018.


		Issuance price
		per share
Name	Issuance date	RMB	Number of shares
Series A‑1 preferred shares	November 2011	0.01	62,273,127
Series A‑2 preferred shares	June 2012	0.06	81,008,717
Series B‑1 preferred shares	September 2015	1.24	200,241,529
Series B‑2 preferred shares	May 2016	3.21	11,674,379
Series B‑3 preferred shares	September 2015	1.24	12,141,515
Series B‑3 preferred shares	November 2016	3.12	7,220,212
Series B‑4 preferred shares	March 2016	3.21	7,004,073
Series B‑4 preferred shares	December 2016	3.21	2,334,688
Series C‑1 preferred shares	October 2017 to January 2018	1.53	164,876,000

b. In March 2019, 10,027,455 Series A‑1 preferred shares held by one of the holders of Series A‑1 preferred shares were re‑designated to Series B‑3 preferred shares, which were then transferred to a new investor for a total amount of RMB 27,140,000. The Group did not receive any proceeds from this transaction.

The Group considered that such re‑designation, in substance, was the same as a repurchase and cancellation of the Series A‑1 preferred shares and simultaneously an issuance of the Series B‑3 preferred shares. Therefore the Group recorded 1) difference between the fair value of the Series A‑1 preferred shares and the carrying amount of the Series A‑1 preferred shares against retained earnings, or in the absence of retained earnings, by charging against additional paid‑in capital or by increasing the accumulated deficit once additional paid‑in capital has been exhausted; and 2) difference between the fair value of the Series A‑1 preferred shares and the fair value of the Series B‑3 preferred shares as deemed distribution to preferred shareholders.

c. In April 2019, 17,215,818 and 11,643,239 ordinary shares held by the Founder who is also an employee of the Company, were re‑designated to Series B‑3 and Series B‑4 preferred shares, respectively, which were then transferred to certain new investors for a total amount of RMB 30,896,752 and RMB 36,756,000, respectively. The Group did not receive any proceeds from this transaction.

The Group considered that such re‑designation, in substance, was the same as a repurchase and cancellation of the ordinary shares and simultaneously an issuance of the preferred shares. Therefore the Company recorded 1) difference between the fair value and the par value of the ordinary shares, amounted to RMB 29,956,000 and RMB 20,261,000 for the re-designation of ordinary shares into Series B-3 and Series B-4 preferred shares, respectively, against additional paid‑in capital or by increasing accumulated deficit once additional paid‑in capital has been exhausted; and 2) difference between the fair value of the preferred shares and the fair value of the ordinary shares, amounted to RMB 11,230,000 and RMB 15,554,000 for the re-designation of ordinary shares into Series B-3 and Series B-4 preferred shares, respectively, as share based compensation expenses in the Company’s consolidated statements of comprehensive income/(loss).

d. To compensate the preferred shareholders for the dilution of their interests due to the adoption of the 2016 Incentive Plan set forth in Note 16, (i) in August 2019, immediately before the Reorganization, 15,553,793 ordinary shares and 12,927,101 vested restricted share units were re‑designated to Series A‑1, A‑2, B‑1, B‑2 and B‑3 preferred shares, which were then transferred to the existing holders of Series A‑1, A‑2, B‑1, B‑2 and B‑3 preferred shares without consideration. (ii) 67,311,809 Series A‑1, A‑2, B‑1, B‑2 and B‑3 preferred shares in total were issued to the existing holders of Series A‑1, A‑2, B‑1, B‑2 and B‑3 preferred shares without consideration.

The Company considered that re‑designation and free transfer of shares from ordinary shareholders to preferred shareholders mentioned in (i) above were, in substance, the same as a contribution from ordinary shareholders followed by a cancellation of those ordinary shares and simultaneously an issuance of the preferred shares for no consideration. Therefore the Company recorded the par value of those ordinary shares cancelled into additional paid‑in capital, and recorded the fair value of the preferred shares as deemed distribution to preferred shareholders, against retained earnings, or in the absence of retained earnings, by charging against additional paid‑in capital or by increasing the accumulated deficit once additional paid‑in capital has been exhausted.

The issuance of the preferred shares as mentioned in (ii) above was recognized at the fair value at the date of issuance as mezzanine against retained earnings, or in the absence of retained earnings, by charging against additional paid‑in capital or by increasing the accumulated deficit once additional paid‑in capital has been exhausted.

e. After taken into account the transactions mentioned above, and pursuant to the Reorganization set forth in Note 1 (b), in August 2019, the Company issued 65,307,000, 101,261,000, 250,302,000, 14,593,000, 56,105,000, 20,982,000 and 164,876,000 shares of Series A‑1, A‑2, B‑1, B‑2, B‑3, B‑4 and C‑1 preferred shares, respectively, to the same group of preferred shareholders of Beijing Duoke and Xieli as consideration in exchange for the respective similar equity interests that they held in Beijing Duoke. As set forth in Note 1 (c), the effect of the ordinary shares and the preferred shares issued by the Company pursuant to the Reorganization have been presented retrospectively as of the beginning of the earliest period presented on the consolidated financial statement or the original issue date, whichever is later.

f. In August 2019, the Company re-designated 12,545,000 ordinary shares held by the Founder to Series C-2 preferred shares, which were then transferred to one of the holders of Series C-1 preferred shares. The Company did not receive any proceeds from this transaction.

The Series C-2 preferred shares have no redemption right or liquidation preference, share the same voting right with other preferred shareholders, that is each Series C-2 preferred share shall be entitled to such number of votes as equals the whole number of ordinary shares into which such preferred share is convertible into, holders of such preferred shares shall vote together with the ordinary shareholders on all matters submitted to a vote by the members. Furthermore, Series C-2 preferred shares have the same dividend right as Series C-1 preferred shares to receive the dividend prior and in preference to any dividend on the Series B-4, B-3, B-2, B-1, A-2, A-1 preferred shares and the ordinary shares. In the event that any dividend is declared by the board, with respect to each holder of Series C-2 preferred shares, a non-cumulative dividend equal to (i) the dividend per share declared, multiplied by (ii) the number of the preferred shares held by the holders of such series preferred shares;

The Company recorded the fair value of Series C-2 on the issuance date in the mezzanine equity to the Consolidated Balance Sheets against retained earnings, or in the absence of retained earnings, by charging against additional paid-in capital or by increasing the accumulated deficit once additional paid-in capital has been exhausted.

g.In late September 2019, the Company issued 39,999,999 Series D preferred shares to certain preferred shareholders with an aggregate purchase price of US$24,000,000. The Series D preferred shares has the similar rights, preferences and privileges with Series C-1 preferred shares except that Series D preferred shares are senior to Series C-2, C-1, B-4, B-3, B-2, B-1, A-2, A-1 preferred shares in terms of dividend right, liquidation preference and redemption right.

Collectively, all the Series A-1, A-2, B-1, B-2, B-3, B-4, C-1, C-2 and D convertible redeemable preferred shares are referred to as the “Preferred Shares”.

h.Immediately upon the completion of the IPO, the Company converted all of Preferred Shares into Class A ordinary shares set forth in Note 12.

The major rights, preferences and privileges of the Preferred Shares are as follows:

Conversion rights

The Preferred Shares (exclusive of unpaid shares) would automatically be converted into ordinary shares 1) upon the qualified Initial Public Offering (“QIPO”); or 2) upon the written consent of the holders of a majority of the outstanding Preferred Shares of each class with respect to conversion of each class. The initial conversion ratio of Preferred Shares to ordinary shares shall be 1:1, subject to adjustments in the event of (i) share splits, share dividends, consolidations, recapitalization and similar events, or (ii) issuance of ordinary shares (excluding certain events such as issuance of ordinary shares pursuant to a public offering) at a price per share less than the conversion price in effect on the date of or immediately prior to such issuance or other dilutive events.

Voting rights

According to the Memorandum and Articles of Association of the Company, at all general meetings of the Company, each Preferred Share shall be entitled to such number of votes as equals the whole number of ordinary shares into which such Preferred Share is convertible immediately after the close of business on the record date of the determination of the Company’s members entitled to vote or, if no such record date is established, at the date such vote is taken or any written consent of the Company’s members is first solicited. Holders of Preferred Shares shall vote together with the ordinary shareholders, and not as a separate class or series, on all matters submitted to a vote by the members.

Dividend rights

Subject to the Memorandum and Articles, with the prior written approval of the holders of the Preferred Shares representing at least two‑thirds of the voting power of the outstanding Preferred shares, voting together as a single class on an as converted basis, the holders of Preferred Shares shall be entitled to receive, when and if declared by the board, non‑cumulative dividends.

The order of distribution shall be made from senior shares to junior shares. That is from the holders of Series D preferred shares, holders of Series C‑1 and C-2 preferred shares, holders of Series B‑1 preferred shares, holders of Series B‑2, B‑3 and B‑4 preferred shares, to holders of Series A‑1 and A‑2 preferred shares. No distribution to junior Preferred Shares until full payment of the amount distributable on the senior Preferred Shares. No dividend shall be paid on the ordinary shares at any time unless and until all dividends on the Preferred Shares have been paid in full.

In the event that any dividend is declared by the board, with respect to each Series A-1, A-2, B-1, B-2, B-3, B-4, C-1, and D preferred shareholders, excluding Series C-2 preferred shareholders, a non-cumulative dividend equal to the higher of (i) each series’ issue price × (1 + 8)% N, excluding the issue price, multiplied by the number of preferred shares held by the holders of such series preferred shares (where N is a fraction, the numerator of which is the number of calendar days between the issue date or the last date when a dividend was paid in full to the holders of such series of preferred shares (whichever is later) and the date on which the contemplated dividend is declared and the denominator of which is 365), and (ii) the dividend per share declared, multiplied by the number of preferred shares held by such series preferred shareholders.

No dividends on preferred and ordinary shares have been declared since the issue date through December 31, 2018, 2019 and 2020.

Liquidation preference

Subject to any applicable law, in the event of any liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, or upon the occurrence of any deemed liquidation event, all assets and funds of the Company legally available for distribution to all the shareholders shall be distributed as follows:

The holders of preferred shares (exclusive of unpaid shares) shall be entitled to receive an amount per share equal to 100% of the issue price, plus all declared but unpaid dividends on such preferred shares, except for the holders of Series D and C‑1 preferred shares who shall be entitled to receive an amount per share equal to the higher of (i) such portion of the assets and funds of the Company as each share (on an as‑converted basis) is entitled to on a pro‑rata basis ; and (ii) the Series D and C‑1 issue price × (1 + 12)%N, plus all declared but unpaid dividends on such Series D and C‑1 preferred share (where N is a fraction, the numerator of which is the number of calendar days between the Series D and C‑1 issue date and the date on which such distribution is made and the denominator of which is 365). If the assets and funds of the Company shall be insufficient to make payment of the foregoing amounts in full on holders of Series D and C‑1 preferred shares, then such assets and funds shall be distributed among the holders of this category preferred shares ratably in proportion to the full amounts to which they would otherwise be respectively entitled thereon.

The order of distribution or payment shall be made from senior shares to junior shares. That is from the holders of Series D preferred shares, holders of Series C‑1 Preferred Shares, holders of Series B‑1 Preferred Shares, holders of Series B‑2, B‑3 and B‑4 Preferred Shares, holders of Series A‑2 Preferred Shares to holders of Series A‑1 Preferred Shares. After distribution or payment in full of the amount distributable or payable on the Preferred Shares, the remaining assets and funds of the Company available for distribution to the shareholders shall be distributed ratably among all the shareholders according to the relative number of shares held by such shareholders on an as‑converted basis.

The deemed liquidation events include any of the following events: (i) any consolidation, amalgamation, scheme of arrangement or merger of the Company or other reorganization in which the shareholders of the Company immediately prior to such consolidation, amalgamation, merger, scheme of arrangement or reorganization own less than fifty percent (50)% of the surviving entity’s voting power in the aggregate immediately after such consolidation, merger, amalgamation, scheme of arrangement or reorganization; (ii) a sale, transfer, lease or other disposition of all or substantially all of the assets of the Group; (iii) any exclusive and irrevocable licensing or sale of all or substantially all of the Group’s intellectual property to a third party (except for the licensing or sale of the Company’s intellectual property in the ordinary course of business); (iv) cessation of the current primary business lines of the Group; (v) requisition or expropriation of any or all material assets of the Group by any governmental authority, which causes a material adverse effect; (vi) occurrence of material losses of any Group company which makes it unable to continue the business; and (vii) occurrence of material losses of any Group company due to force majeur, which makes it unable to continue the business in the foreseeable future; For the avoidance of doubt, the reorganization of the Company for the purpose of an IPO shall not be considered a liquidation event.

Redemption right

Series A‑2, B‑1, B‑2, B‑3, B‑4, C‑1, and D Preferred Shares shall be redeemable (Series A‑1 and C-2 does not have redemption right) at the holder’s discretion, at any time (i) the Company has not completed an IPO or a trade sale approved by the shareholders in writing on or prior to December 31, 2022, (ii) the VIE agreements are held to be invalid or unenforceable under applicable laws and the economic or legal substance of the VIE agreements cannot be preserved by modification of the VIE agreements, (iii) the Company, certain holders of the ordinary shares or Mr. Dagang Feng (“Co‑Founder”), is in material breach of its obligations , covenants or undertakings under the shareholders agreement of the Company, which is not waived in writing by the Preferred Shares’ investors, (iv) the representations and warranties of the Company, certain holders of the ordinary shares or the Co‑Founder contain any material false or fraudulent statement, which causes a material adverse effect, and (v) certain holders of the ordinary shares or the Co‑Founder is in material violation of any applicable law or is subject to any criminal investigation, which causes a material adverse effect. Upon receipt of a redemption notice, the Company and the Co‑Founder shall redeem the redeemable Preferred Shares and make payment to the shareholders within ninety days following the receipt of the redemption notice an amount on a per share basis calculated as follows:

The redemption price of Series D and C‑1 preferred shares would be equal to the sum of (a) the Series D and C‑1 issue price × (1 + 10)%N, plus (b) any declared but unpaid dividends on a Series D and C‑1 preferred share (where N is a fraction, the numerator of which is the number of calendar days between the Series D and C‑1 issue date and the date on which such Series D and C‑1 preferred shares are redeemed and the denominator of which is 365);

The redemption price of Series B‑1, B‑2, B‑3, and B‑4 preferred shares would be equal to the sum of (a) 120% of the Series B‑1, B‑2, B‑3, and B‑4 issue price or the fair market value of such shares (whichever is higher), plus (b) any declared but unpaid dividends on a Series B‑1, B‑2, B‑3, and B‑4 preferred share;

The redemption price of Series A‑2 preferred shares would be equal to the sum of 300% of the Series A‑2 issue price plus any declared but unpaid dividends on a Series A‑2 preferred share;

Subject to applicable laws, the Company and the Co-Founder shall, jointly and severally, effect the redemption and make payment of the redemption price to each preferred shareholder in the following sequence and priority: (i) first, pay the Series D redemption price to the holders of Series D preferred shares on a pari passu basis (ii) second, after the full payment of the Series D redemption price, pay the Series C-1 redemption price to the holders of Series C-1 preferred shares on a pari passu basis; (iii) third, after the full payment of the Series D and Series C-1 redemption price, pay the Series B-1 redemption price to the holders of Series B-1 preferred shares on a pari passu basis; (iv) fourth, after the full payment of the Series D, Series C-1 and B-1 redemption price, pay the Series B-2, B-3, B-4 redemption price to the holders of Series B-2, B-3, B-4 preferred shares on a pari passu basis; (v) after redemption in full of the Series D, C-1, B-1, B-2, B-3 and B-4 preferred shares, redeem each Series A2 preferred shares requested to be redeemed.

The Co‑Founder’s obligations to the redemption right shall be limited to the financial value of the Company’s securities directly or indirectly held by the Co‑Founder. The Co‑Founder shall not be obligated to make any payment under the Redemption in an amount exceeding the financial value of the Company’s securities directly or indirectly held by the Co‑Founder.

Accounting for Preferred Shares

The Company has classified the Preferred Shares in the mezzanine equity of the Consolidated Balance Sheets as they are contingently redeemable at the holders’ option any time upon occurrences of certain events except for Series A‑1 which were contingently redeemable upon the occurrence of certain liquidation events outside of the Company’s control. The Company records accretions on the Preferred Shares to the redemption value from the issuance dates to the earliest redemption dates. The accretions are recorded against retained earnings, or in the absence of retained earnings, by charges against additional paid‑in capital. Once additional paid‑in capital has been exhausted, additional charges are recorded by increasing the accumulated deficit. Each issuance of the Preferred Shares was recognized at the respective fair value at the date of issuance net of issuance cost.

In respect of the Co‑Founder’s obligation to the redemption right, as it were directly linked to and incurred for the Preferred Shares issuance, the Group views it as appropriate to treat the amount of value related to such obligation as an issuance cost as it is similar to a finder’s fee to find a new investor. Since the underlying shares issued are preferred shares, such issuance costs are recorded as a reduction of the balance of mezzanine, and also deemed as the contribution from the Co‑Founder. With the rapid growth of the Group’s business, the Group believes the fair value of such Co‑Founder’s obligation is immaterial since inception as the probability of triggering the Co‑Founder’s obligation is very remote taking into account independent valuations.

The Company has determined that there was no beneficial conversion feature attributable to any of the Preferred Shares because the initial effective conversion price of these Preferred Shares were higher than the fair value of the Company’s ordinary shares determined by the Company with the assistance from an independent valuation firm.

When the preferred shareholders converted their Preferred Shares to ordinary shares upon completion of the IPO in November 2019, the Company calculated the accretion value of the preferred share through the IPO date and the difference between the carrying value of the preferred shares on the IPO date and the paid-in capital of ordinary share converted into were recognized in the additional paid-in capital.

The Group’s Preferred Shares activities for the years ended December 31, 2018, 2019 and 2020 are summarized as below:


			Accretions
			of Preferred
	Balance as of	Issuance of	Shares to	Balance as of
	January 1,	Preferred	redemption	December 31,
	2018	Shares	value	2018
Series A‑1 Preferred Shares
Number of shares	62,273,127	—	—	62,273,127
Amount (RMB’000)	681	—	—	681
Series A‑2 Preferred Shares
Number of shares	81,008,717	—	—	81,008,717
Amount (RMB’000)	12,169	—	1,331	13,500
Series B‑1 Preferred Shares
Number of shares	200,241,529	—	—	200,241,529
Amount (RMB’000)	296,857	—	91,288	388,145
Series B‑2 Preferred Shares
Number of shares	11,674,379	—	—	11,674,379
Amount (RMB’000)	45,000	—	—	45,000
Series B‑3 Preferred Shares
Number of shares	19,361,727	—	—	19,361,727
Amount (RMB’000)	45,000	—	3,016	48,016
Series B‑4 Preferred Shares
Number of shares	9,338,761	—	—	9,338,761
Amount (RMB’000)	36,000	—	—	36,000
Series C‑1 Preferred Shares
Number of shares	99,449,000	65,427,000	—	164,876,000
Amount (RMB’000)	152,834	100,000	24,425	277,259
Total number of Preferred Shares	483,347,240	65,427,000	—	548,774,240
Total amount of Preferred Shares (RMB’000)	588,541	100,000	120,060	808,601


				Re-	Re-		Re-designation of
				designation	designation		ordinary shares into
			Accretions	of Series A-1	of ordinary	Re-designation	Series A-1, A-2, B-1, B-2
			of Preferred	into Series	shares into	of ordinary	, B-3 preferred	Re-designation of	Conversion and	Balance as of
	Balance as	Issuance of	Shares to	B-3	Series B-3	shares into	shares, and issuance of	ordinary shares	re-designation	December 31,
	of January 1,	Preferred	redemption	preferred	preferred	Series B-4	Series A-1, A-2, B-1, B-	into Series C-2	of Preferred	2019 and
	2019	Shares	value	shares	shares	preferred shares	2, B-3 preferred shares	preferred shares	Shares	2020
Series A-1 Preferred Shares
Number of shares	62,273,127	—	—	(10,027,455)	—	—	13,061,328	—	(65,307,000)	—
Amount (RMB’000)	681	—	—	(110)	—	—	41,233	—	(41,804)	—
Series A-2 Preferred Shares
Number of shares	81,008,717	—	—	—	—	—	20,252,283	—	(101,261,000)	—
Amount (RMB’000)	13,500	—	—	—	—	—	63,994	—	(77,494)	—
Series B-1 Preferred Shares
Number of shares	200,241,529	—	—	—	—	—	50,060,471	—	(250,302,000)	—
Amount (RMB’000)	388,145	—	363,100	—	—	—	163,340	—	(914,585)	—
Series B-2 Preferred Shares
Number of shares	11,674,379	—	—	—	—	—	2,918,621	—	(14,593,000)	—
Amount (RMB’000)	45,000	—	(1,722)	—	—	—	10,044	—	(53,322)	—
Series B-3 Preferred Shares
Number of shares	19,361,727	—	—	10,027,455	17,215,818	—	9,500,000	—	(56,105,000)	—
Amount (RMB’000)	48,016	—	57,521	26,897	41,196	—	31,373	—	(205,003)	—
Series B-4 Preferred Shares
Number of shares	9,338,761	—	—	—	—	11,643,239	—	—	(20,982,000)	—
Amount (RMB’000)	36,000	—	4,845	—	—	35,822	—	—	(76,667)	—
Series C-1 Preferred Shares
Number of shares	164,876,000	—	—	—	—	—	—	—	(164,876,000)	—
Amount (RMB’000)	277,259	—	23,534	—	—	—	—	—	(300,793)	—
Series C-2 Preferred Shares
Number of shares	—	—	—	—	—	—	—	12,545,000	(12,545,000)	—
Amount (RMB’000)	—	—	—	—	—	—	—	36,977	(36,977)	—
Series D Preferred Shares
Number of shares	—	39,999,999	—	—	—	—	—	—	(39,999,999)	—
Amount (RMB’000)	—	169,750	1,852	—	—	—	—	—	(171,602)	—
Total number of Preferred Shares	548,774,240	39,999,999	—	—	17,215,818	11,643,239	95,792,703	12,545,000	(725,970,999)	—
Total amount of Preferred Shares (RMB’000)	808,601	169,750	449,130	26,787	41,196	35,822	309,984	36,977	(1,878,247)	—

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' (DEFICIT)/EQUITY ¥ in Thousands, $ in Thousands	Ordinary shares Class A ordinary shares CNY (¥) shares	Ordinary shares Class B ordinary shares CNY (¥) shares	Ordinary shares Series B-3 Convertible Redeemable Preferred Stock CNY (¥) shares	Ordinary shares Series B-4 Convertible Redeemable Preferred Stock CNY (¥) shares	Ordinary shares Series A-1, A-2, B-1, B-2 and B-3 convertible redeemable preferred shares CNY (¥) shares	Ordinary shares Series C-2 Convertible Redeemable Preferred Stock CNY (¥) shares	Ordinary shares CNY (¥) shares	Additional paid-in capital Series B-3 Convertible Redeemable Preferred Stock CNY (¥)	Additional paid-in capital Series A-1, A-2, B-1, B-2 and B-3 convertible redeemable preferred shares CNY (¥)	Additional paid-in capital CNY (¥)	Treasury stock CNY (¥) shares	Accumulated deficit Series B-3 Convertible Redeemable Preferred Stock CNY (¥)	Accumulated deficit Series B-4 Convertible Redeemable Preferred Stock CNY (¥)	Accumulated deficit Series A-1, A-2, B-1, B-2 and B-3 convertible redeemable preferred shares CNY (¥)	Accumulated deficit Series C-2 Convertible Redeemable Preferred Stock CNY (¥)	Accumulated deficit CNY (¥)	Accumulated other comprehensive income/loss CNY (¥)	Non-controlling interests CNY (¥)	Series B-3 Convertible Redeemable Preferred Stock CNY (¥)	Series B-4 Convertible Redeemable Preferred Stock CNY (¥)	Series A-1, A-2, B-1, B-2 and B-3 convertible redeemable preferred shares CNY (¥)	Series C-2 Convertible Redeemable Preferred Stock CNY (¥)	USD ($)	CNY (¥)
Balance, beginning of the year at Dec. 31, 2017							¥ 184			¥ 13,455						¥ (425,324)								¥ (411,685)
Balance, beginning of the year (in shares) at Dec. 31, 2017 \| shares							289,001,405
Increase (Decrease) in Stockholders' Equity
Net income/(loss)																40,518								40,518
Share-based compensation										5,111														5,111
Share-based compensation (in shares) \| shares							19,684,607
Accretion on redeemable non-controlling interests to redemption value																(1,025)								(1,025)
Accretions of convertible redeemable preferred shares to redemption value										(19,864)						(100,196)								(120,060)
Shareholder's contribution										1,298														1,298
Foreign currency translation adjustment																	¥ 231							231
Balance, end of the year at Dec. 31, 2018							¥ 184									(486,027)	231							(485,612)
Balance, end of the year (in shares) at Dec. 31, 2018 \| shares							308,686,012
Increase (Decrease) in Stockholders' Equity
Net income/(loss)																(25,755)		¥ (156)						(25,911)
Share-based compensation										64,387														64,387
Share-based compensation (in shares) \| shares							1,609,789
Share repurchase											¥ (2,333)													(2,333)
Share repurchase (in shares) \| shares							(2,561,468)				2,561,468
Re-designation of ordinary shares into Class A and Class B ordinary shares upon initial public offering	¥ 81	¥ 66					¥ (147)
Re-designation of ordinary shares into Class A and Class B ordinary shares upon initial public offering (in shares) \| shares	141,766,682	96,082,700					(237,849,382)
Re-designation of Preferred Shares into Class A ordinary shares upon initial public offering	¥ 508									1,877,739														1,878,247
Re-designation of Preferred Shares into Class A ordinary shares upon initial public offering (in shares) \| shares	726,015,520
Re-designation of Series A-1 into Series B-3 convertible redeemable preferred shares										(1,409)						(25,378)								(26,787)
Re-designation of ordinary shares			¥ (10)	¥ (7)	¥ (11)	¥ (9)		¥ (1,157)	¥ (25,749)			¥ (28,799)	¥ (20,261)	¥ (284,224)	¥ (36,968)				¥ (29,966)	¥ (20,268)	¥ (309,984)	¥ (36,977)
Re-designation of ordinary shares (in shares) \| shares			(17,215,818)	(11,643,239)	(28,480,894)	(12,545,000)
Share issuance upon initial public offering, net of issuance costs	¥ 24									86,214														86,238
Share issuance upon initial public offering, net of issuance costs (in shares) \| shares	34,500,000
Accretion on redeemable non-controlling interests to redemption value																(1,808)								(1,808)
Accretions of convertible redeemable preferred shares to redemption value																(449,130)								(449,130)
Shareholder's contribution										242														242
Capital injection from non-controlling interests																		6,895						6,895
Foreign currency translation adjustment																	(3,285)							(3,285)
Balance, end of the year at Dec. 31, 2019	¥ 613	¥ 66								2,000,267	¥ (2,333)					(1,358,350)	(3,054)	6,739						643,948
Balance, end of the year (in shares) at Dec. 31, 2019 \| shares	902,282,202	96,082,700									2,561,468
Increase (Decrease) in Stockholders' Equity
Net income/(loss)	¥ 0	¥ 0					¥ 0			0	¥ 0					(280,231)	0	889					$ (42,811)	(279,342)
Share-based compensation										39,277														39,277
Share repurchase											¥ (11,748)													(11,748)
Share repurchase (in shares) \| shares	(12,996,125)										12,996,125
Capital injection from non-controlling interests																		520						520
Foreign currency translation adjustment																	(4,843)							(4,843)
Issuance of ordinary shares upon exercise of share-based awards	¥ 8																							8
Issuance of ordinary shares upon exercise of share-based awards (in shares) \| shares	12,138,965
Cancellation of share-based compensation (in shares) \| shares	(250,447)
Others										1,149														1,149
Balance, end of the year at Dec. 31, 2020	¥ 621	¥ 66					¥ 0			¥ 2,040,693	¥ (14,081)					¥ (1,638,581)	¥ (7,897)	¥ 8,148					$ 59,612	¥ 388,969
Balance, end of the year (in shares) at Dec. 31, 2020 \| shares	901,174,595	96,082,700					0				15,557,593

Share-based Compensation (Tables) - 2019 Incentive Plan

12 Months Ended

Dec. 31, 2020

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of fair value assumptions on options


Grant date	September 7, 2019		December 19, 2020
Expected volatility	50.22	%	50.22	%
Expected dividend yield	—		—
Contractual term (in year)	10		10
Risk-free interest rate	1.66	%	1.66	%

Summary of stock option activity under the 2019 Incentive Plan


				Weighted average
		Weighted average	Aggregate intrinsic	remaining
	Number of	exercise price	value	contractual
	shares	US$ per share	US$	years
Outstanding at December 31, 2018	—	—	—	—
Granted during the year	129,590,471	0.0001
Exercised during the year	—	—
Forfeited during the year	(3,187,546)	0.0001
Outstanding at December 31, 2019	126,402,925	0.0001	37,352,064	9.68
Granted during the year	5,125,000	0.0001
Exercised during the year	(36,613,500)	0.0001
Forfeited / Cancelled during the year	(6,674,341)	0.0001
Outstanding at December 31, 2020	88,240,084	0.0001	9,847,593	8.77
Exercisable at December 31, 2020	69,926,029	0.0001	7,796,752	8.68

CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2020 CNY (¥) shares	Dec. 31, 2019 $ / shares	Dec. 31, 2019 CNY (¥) shares	Nov. 08, 2019 $ / shares	Aug. 31, 2019 shares	Dec. 31, 2018 $ / shares
Accounts payable	$ 9,907	¥ 64,641		¥ 139,336
Salary and welfare payables	6,985	45,580		50,721
Taxes payable	2,885	18,824		35,341
Deferred revenue	2,889	18,849		8,161
Amounts due to related parties	84	548
Accrued liabilities and other payables	2,079	13,560		¥ 33,308
Operating lease liabilities	2,319	15,132
Operating lease liabilities	$ 1,904	¥ 12,426
Shareholders' equity
Ordinary shares, par value (in US dollar per share) \| $ / shares	$ 0.0001		$ 0.0001				$ 0.0001
Ordinary shares, shares authorized (in shares)						4,326,574,000
Ordinary shares, shares issued (in shares)						189,388,000
Ordinary shares, shares outstanding (in shares)						189,388,000
Common Stock, Par or Stated Value Per Share \| $ / shares	$ 0.0001		0.0001				$ 0.0001
Treasury stock (in shares)	15,557,593	15,557,593		2,561,468
Class A ordinary shares
Shareholders' equity
Ordinary shares, par value (in US dollar per share) \| $ / shares	$ 0.0001		0.0001		$ 0.0001
Ordinary shares, shares authorized (in shares)	4,903,917,300	4,903,917,300		4,903,917,300
Ordinary shares, shares issued (in shares)	884,846,745	884,846,745		841,275,820
Ordinary shares, shares outstanding (in shares)	871,850,620	871,850,620		841,275,820
Common Stock, Par or Stated Value Per Share \| $ / shares	$ 0.0001		0.0001		0.0001
Class B ordinary shares
Shareholders' equity
Ordinary shares, par value (in US dollar per share) \| $ / shares	$ 0.0001		0.0001		0.0001
Ordinary shares, shares authorized (in shares)	96,082,700	96,082,700		96,082,700
Ordinary shares, shares issued (in shares)	96,082,700	96,082,700		96,082,700
Ordinary shares, shares outstanding (in shares)	96,082,700	96,082,700		96,082,700
Common Stock, Par or Stated Value Per Share \| $ / shares	$ 0.0001		$ 0.0001		$ 0.0001
VIEs
Accounts payable \| ¥		¥ 64,641		¥ 139,336
Salary and welfare payables \| ¥		32,749		34,578
Taxes payable \| ¥		17,207		32,441
Deferred revenue \| ¥		18,849		8,161
Amounts due to related parties \| ¥		548		0
Accrued liabilities and other payables \| ¥		8,219		15,302
Operating lease liabilities \| ¥		15,132		0
Operating lease liabilities \| ¥		¥ 12,426		¥ 0

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2020 shares
Document and Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity Registrant Name	36Kr Holdings Inc.
Document Period End Date	Dec. 31, 2020
Entity Well-known Seasoned Issuer	No
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0001779476
Entity Voluntary Filers	No
Amendment Flag	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Ordinary shares
Document and Entity Information
Entity Common Stock, Shares Outstanding	967,933,320
Class A ordinary shares
Document and Entity Information
Entity Common Stock, Shares Outstanding	871,850,620
Class B ordinary shares
Document and Entity Information
Entity Common Stock, Shares Outstanding	96,082,700

Significant Accounting Policies - Sales and marketing expenses, Operating lease and adoption of ASU 2016-02, Employee Benefits, Government grant, Segment Reporting and Statutory Reserves (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) segment	Dec. 31, 2020 CNY (¥) segment	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2020 CNY (¥)	Jan. 01, 2020 CNY (¥)
Employee benefits
Employee social security and welfare benefits		¥ 21,180	¥ 32,900	¥ 21,790
Segment Reporting
Number of reportable segments \| segment	1	1
Statutory Reserves
Percentage of general reserve fund, annual after-tax profits	10.00%	10.00%
Maximum percentage of general reserve fund, registered capital	50.00%	50.00%
Percentage of statutory surplus fund, annual after-tax profits	10.00%	10.00%
Maximum percentage of statutory surplus fund, registered capital	50.00%	50.00%
Profit appropriation to reserve funds		¥ 660	1,080	3,640
Operating lease right-of-use assets, net	$ 4,194				¥ 27,365
Operating lease liabilities	1,904				¥ 12,426
Government grant	$ 1,548	10,103	497	3,313
Sales and marketing expenses
Sales and marketing expenses
Total advertising expenses		¥ 6,340	¥ 700	¥ 3,760
ASU 2016 02 \| Adjustment
Statutory Reserves
Operating lease right-of-use assets, net						¥ 41,900
Operating lease liabilities						¥ 42,100

Property and Equipment, net

12 Months Ended

Dec. 31, 2020

Property and Equipment, net

Property and Equipment, net

7. Property and Equipment, net

Property and equipment, net consists of the following:


	December 31,	December 31,
	2019	2020
	RMB’000	RMB’000
Electronic equipment and computers	16,274	16,502
Office furniture and equipment	2,130	2,398
Leasehold improvement	4,191	4,645
Total	22,595	23,545
Less: accumulated depreciation	(6,631)	(11,617)
Less: impairment	—	(7,987)
Property and equipment, net	15,964	3,941

Depreciation expenses were RMB 1.59 million, RMB 4.20 million and RMB 5.55 million for the years ended December 31, 2018, 2019 and 2020, respectively. As the Group’s interactive marketing services through interactive marketing dispensers were adversely affected by COVID-19, the Group performed impairment assessment over these interactive marketing dispensers, and approximately RMB8.0 million impairment of long-lived assets was recognized for the year ended December 31, 2020.

Restricted Net Assets (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 CNY (¥)
Restricted Net Assets
Appropriation of after-tax income to general reserve fund or statutory surplus reserve fund (as a percentage)	10.00%
Transfer of assets, restricted portion	$ 28,520	¥ 186,060	$ 35,940	¥ 250,230

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Significant Accounting Policies

Basis of presentation

(a) Basis of presentation

The consolidated financial statements of the Group have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below.

Principles of consolidation

(b) Principles of consolidation

The consolidated financial statements include the financial statements of the Company, its subsidiaries, the VIE and the VIE’s subsidiaries for which the Company is the ultimate primary beneficiary.

Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power or has the power to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of the board of directors, or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.

A VIE is an entity in which the Company, or its subsidiary, through contractual arrangements, has the power to direct the activities that most significantly impact the entity’s economic performance, bears the risks of and enjoys the rewards normally associated with ownership of the entity, and therefore is the primary beneficiary of the entity.

All significant intercompany transactions and balances between the Company, its subsidiaries, the VIE and subsidiaries of the VIE have been eliminated upon consolidation.

A non‑controlling interest is recognized to reflect the portion of a subsidiary’s equity which is not attributable, directly or indirectly, to the Group. When the non‑controlling interest is contingently redeemable upon the occurrence of a conditional event which is not solely within the control of the Group, the non‑controlling interest is classified as mezzanine equity.

Consolidated net income/(loss) on the consolidated statements of comprehensive income/(loss) includes the net income/(loss) attributable to the non-controlling interests when applicable. For the years ended December 31, 2018, 2019 and 2020, the net income/(loss) attributable to the non-controlling interests were nil, a loss of RMB 0.16 million and an income of RMB 0.89 million, respectively. Cash flows related to transactions with non‑controlling interests holders are presented under financing activities in the consolidated statements of cash flows when applicable.

Use of estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reporting periods in the consolidated financial statements and accompanying notes. Significant accounting estimates include, but are not limited to, determination of assessment for the impairment of long‑lived assets, allowance for doubtful accounts, valuation allowance of deferred tax assets and valuation and recognition of share‑based compensation expenses. Actual results could differ from those estimates and such differences may be material to the consolidated financial statements.

Functional currency and foreign currency translation

(d) Functional currency and foreign currency translation

The Group’s reporting currency is Renminbi (“RMB”). The functional currency of the Company is United States dollar (“US$”). The functional currency of the Group’s PRC entities, the VIE and the VIE’s PRC subsidiaries is RMB. The determination of the respective functional currency is based on the criteria set out by ASC 830, Foreign Currency Matters.

Transactions denominated in foreign currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing on the transactions date. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the balance sheet dates. Exchange gains and losses arising from foreign currency transactions are recorded in the consolidated statements of comprehensive income/(loss).

The financial statements of the Group’s non PRC entities are translated from their respective functional currencies into RMB. Assets and liabilities are translated into RMB using the applicable exchange rates at the balance sheet date. Equity accounts other than earnings generated in the current period are translated into RMB using the appropriate historical rates. Revenues, expenses, gains and losses are translated into RMB using the average exchange rates for the relevant period. The resulting foreign currency translation adjustments are reported in other comprehensive income/(loss) in the consolidated statements of comprehensive income/(loss), and the accumulated foreign currency translation adjustments are presented as a component of accumulated other comprehensive loss in the consolidated statements of changes in shareholders’ (deficit)/equity. Total foreign currency translation adjustments included in the Group’s other comprehensive income/(loss) were an income of RMB 0.23 million , a net loss of RMB 3.29 million and a net loss of RMB 4.84 million for the years ended December 31, 2018, 2019 and 2020, respectively.

Convenience translation

(e) Convenience translation

Translations of the consolidated balance sheets, consolidated statements of comprehensive income/(loss) and consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2020 are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB 6.5250, representing the noon buying rate in the H.10 statistical release of the U.S. Federal Reserve Board on December 31, 2020. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2020, or at any other rate.

Fair value measurements

(f) Fair value measurements

Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:

Level 1—Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2—Observable, market‑based inputs, other than quoted prices, in active markets for identical assets or liabilities.

Level 3—Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Accounting guidance describes three main approaches to measure the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

Transfers into or out of fair value hierarchy classifications are made if the significant inputs used in the financial models measuring the fair value of the assets and liabilities become unobservable or observable in the current marketplace. These transfers are considered to be effective as of the beginning of the period in which they occur. The Group did not transfer any assets or liabilities in or out of Level 2 during the years ended December 31, 2018, 2019 and 2020.

The Group’s financial instruments consist principally of cash and cash equivalents, restricted cash, short‑term investments, accounts receivable, receivables due from related parties, other receivables, accounts payable, accrued liabilities and other payables and amounts due to related parties.

As of December 31, 2019 and 2020, the fair values of cash and cash equivalents, restricted cash, accounts receivable, receivables due from related parties, other receivables, accounts payable, accrued liabilities and other payables and amounts due to related parties approximated their carrying values reported in the consolidated balance sheets due to the short term maturities of these instruments.

On a recurring basis, the Group measures its short‑term investments at fair value. For the details of the short‑term investments, please refer to Note 2 (i).

On a nonrecurring basis, the Group measures the equity method investments at fair value only when the impairment charges were recognized. The fair values of the privately held investments were determined based on the discounted cash flow model using weighted average cost of capital(“WACC”) or based on the similar transaction price in the market directly. There was no impairment loss recognized for the year ended December 31, 2020.

The following table sets forth the Group’s assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy:

As of December 31, 2019


				Balance at
Assets	Level 1	Level 2	Level 3	fair value
	RMB’000	RMB’000	RMB’000	RMB’000
Short‑term investments — Wealth management products	—	86,362	—	86,362

As of December 31, 2020


				Balance at
Assets	Level 1	Level 2	Level 3	fair value
	RMB’000	RMB’000	RMB’000	RMB’000
Short‑term investments — Wealth management products	—	148,344	—	148,344

Wealth management products with Level 2 inputs are valued using quoted subscription or redemption prices published by the banks or using discounted cash flow method at a quoted rate of return provided by banks at the end of each year.

Cash and cash equivalents

(g) Cash and cash equivalents

Cash and cash equivalents represent cash in banks and highly liquid investments placed with banks or other financial institutions, which are unrestricted to withdrawal or use, and which have original maturities of three months or less.

Restricted cash

(h) Restricted cash

Cash that is restricted as to withdrawal or for use or pledged as security is reported separately on the face of the Consolidated Balance Sheets, and is included in the total cash, cash equivalents, and restricted cash in the Consolidated Statements of Cash Flows. The Group's restricted cash mainly represents cash at bank with restricted use.

Short-term investments

(i) Short‑term investments

Short‑term investments include investments in wealth management products issued by China Merchants Bank, which are redeemable by the Company at a periodic term or any working day within one year. The wealth management products are unsecured with variable interest rates and primarily invested in financial instruments with high credit rating and good liquidity in the interbank and exchange markets, including but not limited to debt securities issued by the PRC government, central bank bills, interbank and exchange‑traded bond, and assets backed securities. The Company measures the short‑term investments at fair value using the quoted subscription or redemption prices published by the bank or by discounting the future cash flows at the expected yield rate with reference to the expected benchmark yield rates of the wealth management products of the bank.

Accounts receivable, net

(j) Accounts receivable, net

Accounts receivable are stated at the historical carrying amount net of write‑offs and the allowance for doubtful accounts. The Group reviews the accounts receivable on a periodic basis and provides allowances when there is doubt as to the collectability of individual balance. In evaluating the collectability of individual accounts receivable balances, the Group considers several factors, including the age of the balance, the customer’s payment history, and current credit‑worthiness, and current economic trends. Accounts receivable balances are written off after all collection efforts have been exhausted.

Property and equipment, net

(k) Property and equipment, net

Property and equipment are stated at cost less accumulated depreciation and impairment, if any. Depreciation is computed using the straight‑line method over the estimated useful lives of the assets as follows:


		Estimated useful life
Electronic equipment and computers		3 to 5 years
Office furniture and equipment		3 years
Leasehold improvement		Lesser of the term of the lease or the estimated useful lives of the leasehold improvement

Repair and maintenance costs are charged to expenses as incurred, whereas the cost of renewals and betterment that extend the useful lives of property and equipment is capitalized as addition to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the assets and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of comprehensive income/(loss).

Goodwill

(l) Goodwill

Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired as a result of the Group’s acquisitions of interests in its subsidiaries and consolidated VIE. In accordance with ASC 350, Goodwill and Other Intangible Assets, recorded goodwill amounts are not amortized, but rather are tested for impairment annually or more frequently if there are indicators of impairment present.

Goodwill is tested for impairment at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value. These events or circumstances include a significant change in stock prices, business environment, legal factors, financial performances, competition, or events affecting the reporting unit. Under ASC 350-20-35, the Group has the option to choose whether it will apply the qualitative assessment first and then the quantitative assessment, if necessary, or to apply the quantitative assessment directly, which consists of a two-step quantitative impairment test. The first step is comparing the carrying amount of the reporting unit to the fair value of the reporting unit. If the fair value of the reporting unit exceeds the carrying value of the reporting unit, goodwill is not impaired and the Group is not required to perform further testing. If the carrying value of the reporting unit exceeds the fair value of the reporting unit, then the Group must perform the second step of the two-step quantitative goodwill impairment test to measure the amount of impairment loss by comparing the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. Application of the goodwill impairment test requires judgment, including the identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit. The estimation of fair value of reporting unit using a discounted cash flow methodology also requires significant judgments, including estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for the Group’s business, estimation of the useful life over which cash flows will occur, and determination of the Group’s weighted average cost of capital. The estimates used to calculate the fair value of a reporting unit change from year to year based on operating results and market conditions. Changes in these estimates and assumptions could materially affect the determination of fair value and goodwill impairment for the reporting unit.

On December 31, 2020, the Group has performed goodwill impairment test on the lowest level within the entity at which goodwill is monitored for internal management purposes, and approximately RMB 1.4 million of impairment loss was recognized for the year ended December 31,2020.

Impairment of long-lived assets

(m) Impairment of long‑lived assets

The Group evaluates its long-lived assets with finite lives for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount of an asset may not be fully recoverable. When these events occur, the Group evaluates the impairment by comparing carrying amount of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying amount of the assets, the Group recognizes an impairment loss based on the excess of the carrying amount of the long-lived assets over their fair value based on a discounted cash flow approach or, when available and appropriate, over comparable market values.

Equity method investments

(n) Equity method investments

Investments in entities in which the Group can exercise significant influence but does not control or own a majority equity interest are accounted for using the equity method of accounting in accordance with ASC Topic 323 Investments‑Equity Method and Joint Ventures. The Group adjusts the carrying amount of equity method investments for its share of the income or losses of the investee and reports the recognized income or losses in the consolidated statements of comprehensive income/(loss). The Group’s share of the income or losses of an investee are based on the shares of common stock and in‑substance common stock held by the Group. The Group records its share of the results of equity investments in 36Kr Global Holding (HK) Limited ("36Kr Global Holding") on a one quarter in arrears basis.

The Group continually reviews its investment in equity investees under equity method to determine whether a decline in fair value to below the carrying value is other-than-temporary. The primary factors the Group considers in its determination are the duration and severity of the decline in fair value, the financial condition, operating performance and the prospects of the equity investee, and other company specific information such as recent financing rounds. If the decline in fair value is deemed to be other-than-temporary, the carrying value of the equity investee is written down to fair value. No impairment loss of equity method investments was recognized for the year ended December 31, 2020.

Revenue recognition

(o) Revenue recognition

The Group early adopted ASC Topic 606, “Revenue from Contracts with Customers” (ASC 606) for all years presented. According to ASC 606, revenue is recognized when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those goods or services. The Group determines revenue recognition through the following steps:

identification of the contract, or contracts, with a customer;

identification of the performance obligations in the contract;

determination of the transaction price, including the constraint on variable consideration;

allocation of the transaction price to the performance obligations in the contract; and

recognition of revenue when (or as) the Group satisfy a performance obligation.

The following is a description of the accounting policy for the principal revenue streams of the Group.

I. Online advertising services

Online advertising revenue is derived principally from advertising contracts with customers, which allow advertisers to place advertisements on agreed areas of the Company’s PC website, mobile application and official accounts in other social networks, mainly in Weibo, Weixin/WeChat, and Toutiao (collectively referred to as “36Kr Platforms”) in different formats and over a particular period of time. The Group displays advertisement provided by customers in a variety of forms such as full screen display, banners, and pop‑ups. The Group also helps produce advertisements based on the customers’ requests, and post the advertisements on the 36Kr Platforms to help promote customers’ products and enhance their brand awareness. The Group has developed capabilities in generating and distributing its own and third‑party high‑quality content on 36Kr Platforms, there is no third party content for fulfilling a promise to the customers for the years ended December 31, 2018, 2019 and 2020.

The Group generates its online advertising service revenue primarily (i) at a fixed fee per each day’s advertisement display, which is known as the Cost Per Day (“CPD”) model, and (ii) at a fixed fee per each advertisement posted on the 36Kr Platforms, which the Group refers as the cost‑per‑advertisement basis. The Group recognizes revenue for the amount of fees it receives from its advertisers, after deducting discounts and net of value‑added tax (“VAT”) under ASC 606.

The Group’s online advertising contracts with customers may include multiple performance obligations. For such arrangements, the Group allocates revenues to each performance obligation based on its relative standalone selling price. The Group generally determines standalone selling prices of each distinct performance obligation based on the prices charged to customers when sold on a standalone basis.

Under the CPD model, a contract is signed to establish a fixed price for the advertising services to be provided over a period of time. Given the advertisers benefit from the advertising evenly, the Group recognizes revenue on a straight‑line basis over the period of display, provided all revenue recognition criteria have been met. Under the cost‑per‑advertisement model, as all the economic benefit enjoyed by the customer can be substantially realized at the time the advertisements are posted initially, the Group recognizes revenue at a point in time when it posts the advertisements initially.

II. Enterprise value‑added services

The principal enterprise value‑added services that the Group provides to customers are set out as follows:

(i) Integrated marketing

The Group helps its customers develop tailored and diverse marketing strategies to improve their marketing efficiency. Integrated marketing services include providing marketing plan, marketing event organization and execution, and public relations, etc.

In addition to the marketing services above, the Group provides interactive marketing services through interactive marketing dispensers equipped with large display screen, sensors and speakers. The Group usually uses the machines to provide promotion services to the customer’s new products. Revenue is recognized when these services are rendered and determined based on the number of items dispensed or at a fixed contract price in a period of time. For the years ended December 31, 2018, 2019 and 2020, the revenue derived from such service was not significant.

(ii) Offline events

The Group organizes diverse events, such as summits, forums, industry conferences and fan festivals in a bid to create brand‑building opportunities and to facilitate business cooperation and investment opportunities. The services provided by the Group to the customer who then becomes a sponsor of such events including for the sponsor to participate as a speaker, to launch new products of the sponsor, to place advertisements at offline events and the 36Kr Platforms during the course of events. Due to the COVID-19 constrain, the Group conducted several events through livestreaming in the early 2020.

(iii) Consulting

The Group provides customized market research and industry reports to established companies. In addition, the Group also helps the customers to organize and execute business events.

In certain circumstances, the Group engages third party suppliers to perform part of the aforementioned services in fulfilling its contract obligation. In these cases, the Group controls and takes responsibilities for such services before the services are transferred to the customer. The Group has the right to direct the suppliers to perform the service and control the goods or assets transferred to its customers. In addition, the Group combines and integrates the separate services provided by the suppliers into the specified marketing or business consulting solutions to its customers. Thus, the Group considers it should recognize revenue as a principal in the gross amount of consideration to which it is entitled in exchange for the specified services transferred.

Although a bundle of services are provided to the customers in each of the three services mentioned above, the Group’s overall commitment in such contract arrangement is to transfer a combined item at a fixed fee, which is an integrated marketing or business consulting solution, to which the individual services are inputs. The integrated services are customized for the customers, and they are interdependent and interrelated. Therefore, the Group combines such bundle of services in the contracts into a single performance obligation. Most of the offline events are completed within several days, and most of the contracts of integrated marketing solution and business consulting are completed within one year. The revenues are recognized ratably over the duration of such events and activities.

III. Subscription services

(i) Institutional investor and enterprise subscription services

The Group offers institutional investor subscription services, a service package to institutional investors and to New Economy companies, which consists of creating their yellow pages on the 36Kr Platform, publishing articles about the customers on the 36Kr Platform, priority access to 36Kr’s offline activities, etc. For enterprise subscribers the Group also offers online courses and one-on-one consulting. The Group offers such subscription benefits for a fixed period subscription fee.

Both the institutional investor and enterprise subscription services involve multiple performance obligations. The Group allocates revenues to each performance obligation based on its relative standalone selling price. The Group generally determines standalone selling prices of each distinct performance obligation based on the prices charged to customers when sold on a standalone basis. Where standalone selling price is not directly observable, the best estimate of the standalone selling price is taken into consideration of the pricing of advertisings or enterprise value‑added services of the Group with similar characteristics and advertisements or services with similar formats and quoted prices from competitors and other market conditions. For most of such contracts, performance obligations are completed within one year. The revenue has been recognized over the period when such services are delivered or when the services are rendered based on the transaction price allocated to each performance obligation.

(ii) Individual subscription services

The Group provides paid columns, online courses and offline trainings services to its individual subscribers. The revenue of paid columns and online courses generated from the individual subscription services for the years ended December 31, 2018, 2019 and 2020 were not significant.

The revenue of paid columns and online courses are derived from providing fee‑based online content to individuals on the 36Kr Platform. The revenues generated from paid columns and online courses are recognized evenly over the economic period that individual subscribers can benefit, which is usually less than one year.

The Group also provides offline training services. The Group is responsible for organizing and delivering the training to the individual subscribers and has primary responsibility and broad discretion to establish price. Therefore, the Group is considered the primary obligor in these transactions and recognize the revenues at a gross basis.

In the following table, the total revenue is disaggregated by the major service lines mentioned above.


	For the year ended December 31,
	2018	2019	2020
	RMB’000	RMB’000	RMB’000
Online advertising services	173,783	283,426	172,811
Enterprise value‑added services
Integrated marketing	40,017	250,344	133,599
Offline events	53,711	53,861	26,992
Consulting	6,510	15,264	32,622
Revenue for Enterprise value‑added services	100,238	319,469	193,213
Subscription services
Institutional investor subscription services	14,368	20,039	16,036
Enterprise subscription services	—	2,077	361
Individual subscription services	10,704	30,595	4,343
Revenue for Subscription services	25,072	52,711	20,740
Total revenue	299,093	655,606	386,764

Contract balances

Timing of revenue recognition may differ from the timing of invoicing to customers. The Group records contract assets when the Group has a right to consideration in exchange for goods or services that it has transferred to a customer and when that right is conditioned on something other than the passage of time (for example, the entity’s future performance). Accounts receivable represent amounts invoiced and revenue recognized prior to invoicing, when the Group has satisfied its performance obligations and has the unconditional right to payment. As of December 31, 2019 and 2020, there were no contract assets recorded in the Group’s consolidated balance sheets.

If a customer pays consideration, or the Group has a right to an amount of consideration that is unconditional (that is, a receivable), before the Group transfers a good or service to the customer, the Group shall present the contract as a contract liability when the payment is made or the payment is due (whichever is earlier). A contract liability is the Group’s obligation to transfer goods or services to a customer for which it has received consideration (or an amount of consideration is due) from the customer. Receipts in advance and deferred revenue relate to unsatisfied performance obligations at the end of the period and primarily consist of fees received from advertisers. Due to the generally short‑term duration of the contracts, the majority of the performance obligations are satisfied in the following reporting period. Contract liability is presented as deferred revenue in the consolidated balance sheets. Revenue recognized for the years ended December 31, 2018, 2019 and 2020 that was included in the contract liabilities balance at the beginning of the period was RMB 3.55 million, RMB 4.23 million and RMB 8.16 million, respectively.

Practical expedients and exemptions

The Group generally expenses sales commissions when incurred because the amortization periods are generally one year or less. These costs are recorded within sales and marketing expenses.

Cost of revenues

(p) Cost of revenues

The Group’s cost of revenues consists primarily of (i) personnel-related expenses in relation to the content production and share-based compensation expenses; (ii) advertising content producing costs, such as video production costs; (iii) execution fee of enterprise value-added services mainly including advertising resources procurement cost, site fee and cost of offline event; (iv) impairment of long-lived assets; (v) equipment location rental fee and operating expense.

Sales and marketing expenses

(q) Sales and marketing expenses

Sales and marketing expenses consist primarily of personnel‑related expenses including sales commissions related to the sales and marketing personnel and share-based compensation expenses; marketing and promotional expenses including promotion activity outsourcing costs; rental expenses and depreciation expenses.

Advertising costs are expensed as incurred, and are included in sales and marketing expenses. For the years ended December 31, 2018, 2019 and 2020, total advertising expenses were RMB 3.76 million, RMB 0.70 million and RMB 6.34 million, respectively.

General and administrative expenses

(r) General and administrative expenses

General and administrative expenses consist primarily of payroll and related expenses for employees involved in general corporate functions, including finance, legal and human resources; share-based compensation expenses, provision of allowance for doubtful accounts, costs associated with use by these functions of facilities and equipment, such as depreciation, rental and other general corporate related expenses.

Research and development expenses

(s) Research and development expenses

Research and development expenses consist primarily of (i) personnel-related expenses associated with the development of, enhancement to, and maintenance of the Group’s PC websites, mobile applications and mobile websites; (ii) technology expenses related to technology procurement device maintenance and testing; and (iii) rental expense and depreciation of servers.

For internal use software, the Group expenses all costs incurred for the preliminary project stage and post implementation‑operation stage of development, and costs associated with repair or maintenance of the existing platform. Costs incurred in the application development stage are capitalized and amortized over the estimated useful life. Since the amount of the Company’s research and development expenses qualifying for capitalization has been immaterial, as a result, all development costs incurred for development of internal used software have been expensed as incurred.

For external use software, costs incurred for development of external use software have not been capitalized, because the period after the date technical feasibility is reached and the time when the software is marketed is short historically, and the amount of costs qualifying for capitalization has been immaterial.

Operating lease and adoption of ASU 2016-02

(t) Operating lease and adoption of ASU 2016-02

On February 25, 2016, the FASB issued ASU 2016-02 Leases (Topic 842), which supersedes the lease accounting guidance under Topic 840, and generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements.

The Group applied ASU 2016-02 beginning from January 1, 2020 and elected to apply practical expedients permitted under the transition method that allow the Group to use the beginning of the period of adoption as the date of initial application, to not recognize lease assets and lease liabilities for leases with a term of twelve months or less, and to not reassess lease classification, treatment of initial direct costs, or whether an existing or expired contract contains a lease. The Group used the modified retrospective method and did not recast the prior comparative periods. Under the new lease standard, the Group determines if an arrangement is or contains a lease at inception. Right-of-use assets and liabilities are recognized at lease commencement date based on the present value of remaining lease payments over the lease terms. The Group considers only payments that are fixed and determinable at the time of lease commencement.

As a result of the adoption, the Group recorded an operating lease right-of-use assets and operating lease liabilities of approximately RMB 41.9 million and RMB 42.1 million, respectively,on January 1, 2020, primarily related to the leased office space. The adoption had no material impact on the Group’s consolidated statements of comprehensive income/(loss) for the year ended December 31, 2020 or the opening balance of accumulated deficit as of January 1, 2020.

Share-based compensation

(u) Share‑based compensation

All share-based awards granted to employees, including restricted share units and share options, are measured at fair value on grant date. Share-based compensation expense is recognized using the straight-line vesting method for awards that contain only service conditions. For the share options granted with performance conditions, the share-based compensation expenses are recorded using graded vesting method when the performance condition is considered probable. The Group early adopted ASU 2016-09 from the earliest period presented to recognize the effect of forfeiture in compensation cost when they occur.

The Group uses the binomial option pricing model to estimate fair value of the share options. The determination of estimated fair value of share-based awards on the grant date using an option pricing model is affected by the fair value of underlying ordinary shares as well as assumptions regarding a number of complex and subjective variables. These variables include the expected volatility of underlying ordinary shares over the expected term of the awards, actual and projected share option exercise behaviors, a risk-free interest rate and any expected dividends. The underlying ordinary shares which do not have quoted market prices before the Company’s initial public offering, were valued based on the income approach with a discount for lack of marketability. Determination of estimated fair value of the underlying ordinary shares requires complex and subjective judgments due to their limited financial and operating history, and unique business risks.

Cancellation of an award accompanied by the grant of a replacement award is accounted for as a modification of the terms of the cancelled award (“modification awards”). The compensation costs associated with the modification awards are recognized if either the original vesting condition or the new vesting condition has been achieved. If the awards are expected to vest under the original vesting condition, the compensation cost would be recognized regardless of whether the employee satisfies the modified condition. Such compensation costs cannot be less than the grant‑date fair value of the original award. The incremental compensation cost is measured as the excess of the fair value of the replacement award over the fair value of the cancelled award at the cancellation date. Therefore, in relation to the modification awards, the Group recognizes share‑based compensation over the vesting periods of the new awards, which comprises (i) the amortization of the incremental portion of share‑based compensation over the remaining vesting term and (ii) any unrecognized compensation cost of original award, using either the original term or the new term, whichever is higher for each reporting period.

Employee benefits

(v) Employee benefits

The Group’s consolidated subsidiaries, the VIE and the VIE’s subsidiaries in the PRC (the “PRC Entities”) participate in a government‑mandated multi‑employer defined contribution plan pursuant to which certain retirement, medical and other welfare benefits are provided to employees. The relevant labor regulations require the PRC Entities to pay the local labor and social welfare authorities’ monthly contributions at a stated contribution rate based on the monthly basic compensation of qualified employees. The relevant local labor and social welfare authorities are responsible for meeting all retirement benefits obligations and the PRC Entities have no further commitments beyond their monthly contributions. The contributions to the plan are expensed as incurred. Employee social security and welfare benefits included as cost and expenses in the consolidated statements of comprehensive income/(loss) were approximately RMB 21.79 million, RMB 32.90 million and RMB 21.18 million for the years ended December 31, 2018, 2019 and 2020, respectively.

Taxation

(w) Taxation

Income taxes

Current income taxes are provided on the basis of net income for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions.

The Group follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the temporary differences between the financial statements carrying amounts and tax basis of existing assets and liabilities by applying enacted statutory tax rates that will be in effect in the period in which the temporary differences are expected to reverse. The Group records a valuation allowance to reduce the amount of deferred tax assets if based on the weight of available evidence, it is more‑likely‑than‑not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized in the consolidated statements of comprehensive income/(loss) in the period of change.

Uncertain tax positions

In order to assess uncertain tax positions, the Group applies a more likely than not threshold and a two‑step approach for the tax position measurement and financial statement recognition. Under the two‑step approach, the first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likelihood of being realized upon settlement. The Group recognizes interest and penalties, if any, under accrued expenses and other current liabilities on its consolidated balance sheets and under other expenses in its consolidated statements of comprehensive income/(loss). The Group did not have any unrecognized uncertain tax positions as of and for the years ended December 31, 2018, 2019 and 2020.

Government grant

(x) Government grant

Government grant primarily represents subsidies for operating a business and initial public offering expenditures. These grants are not subject to any specific requirements and are recorded when received. For the years ended December 31, 2018, 2019 and 2020, government grants amounted to approximately RMB 3.3 million, RMB 0.5 million, and RMB 10.1 million, respectively.

Other income - Others, net

(y) Other income — Others, net

Others, net mainly represent interest income, interest expense, and foreign currency exchange gains or losses.

Comprehensive income

(z) Comprehensive income

Comprehensive income is defined as the change in equity of the Group during a period arising from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Comprehensive income is reported in the consolidated statements of comprehensive income/(loss). Accumulated other comprehensive income/(loss), as presented on the Group’s consolidated balance sheets, includes the foreign currency translation.

Related parties

(aa) Related parties

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant influence, such as a family member or relative, shareholders, or a related corporation.

Segment reporting

(ab) Segment reporting

The Group’s chief operating decision maker (“CODM”) has been identified as its Chief Executive Officer, who reviews the consolidated results when making decision about allocating resources and assessing performance of the Group as a whole. Hence, the Group has only one reportable segment. The Group does not distinguish between markets or segments for the purpose of internal reporting. The Group’s long‑lived assets are substantially all located in the PRC and substantially all of the Group’s revenues are derived from the PRC. Therefore, no geographical segments are presented.

The Group’s organizational structure is based on a number of factors that the CODM uses to evaluate, view and run the Group’s business operations, which include, but are not limited to, customer base, homogeneity of services and technology. The Group’s reporting segment is based on its organizational structure and information reviewed by the Group’s CODM to evaluate the reporting segment result.

Statutory reserves

(ac) Statutory reserves

The Group’s consolidated subsidiaries, the VIE and VIE’s subsidiaries established in the PRC are required to make appropriations to certain non‑distributable reserve funds.

In accordance with the law applicable to the Foreign Investment Enterprises established in the PRC, the Company’s subsidiaries registered as wholly‑owned foreign enterprise have to make appropriations from their annual after‑tax profit (as determined under generally accepted accounting principles in the PRC (“PRC GAAP”) to reserve funds including general reserve fund, enterprise expansion fund and staff bonus and welfare fund. The appropriation to the general reserve fund must be at least 10% of the annual after‑tax profits calculated in accordance with the PRC GAAP. Appropriation is not required if the general reserve fund has reached 50% of the registered capital of the company. Appropriation to the enterprise expansion fund and staff bonus and welfare fund are made at the respective company’s discretion.

In addition, in accordance with the PRC Company Law, the Group’s VIE registered as Chinese domestic company must make appropriations from its annual after‑tax profits as determined under the PRC GAAP to non‑distributable reserve funds including statutory surplus fund and discretionary surplus fund. The appropriation to the statutory surplus fund must be 10% of the annual after‑tax profits as determined under the PRC GAAP. Appropriation is not required if the statutory surplus fund has reached 50% of the registered capital of the company. Appropriation to the discretionary surplus fund is made at the discretion of the company.

The use of the general reserve fund, enterprise expansion fund, statutory surplus fund and discretionary surplus fund are restricted to offsetting of losses or increasing of the registered capital of the respective company. The staff bonus and welfare fund is a liability in nature and is restricted to fund payment of special bonus to employee and for the collective welfare of all employees. None of these reserves are allowed to be transferred to the company in terms of cash dividends, loan or advances, nor can they be distributed except under liquidation.

Profit appropriation to above reserve funds was made for the Group’s entities established in the PRC was RMB 3.64 million, RMB 1.08 million and RMB 0.66 million for the years ended December 31, 2018, 2019 and 2020, respectively.

Net loss per share

(ad) Net loss per share

Net loss per share is computed in accordance with ASC 260, “Earnings per Share”. The two‑class method is used for computing earnings per share in the event the Group has net income available for distribution. Under the two‑class method, net income is allocated between ordinary shares and other participating securities based on their participating rights. The Company’s convertible redeemable preferred shares may be considered as participating securities because they are entitled to receive dividends or distributions on an as if converted basis if the Group has net income available for distribution under certain circumstances. Net losses are not allocated to other participating securities as they are not obligated to share the losses based on their contractual terms.

Diluted loss per share is calculated by dividing net income/(loss) attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalents shares outstanding during the period. Dilutive equivalent shares are excluded from the computation of diluted income per share if their effects would be anti‑dilutive. Ordinary share equivalents consist of the ordinary shares issuable in connection with the Group’s convertible redeemable preferred shares using the if‑converted method, and ordinary shares issuable upon the vesting of the restricted share units or the exercise of share options, using the treasury stock method

Convertible Redeemable Preferred Shares - Conversion right, Dividend right, Liquidation preference, Redemption rights (Details)	12 Months Ended
	Dec. 31, 2020 CNY (¥) factor shares	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)
Convertible Redeemable Preferred Shares
Dividend declared \| ¥	¥ 0	¥ 0	¥ 0
Percentage of voting	50.00%
Liquidation amount as percentage of temporary equity issue price	100.00%
Payment term of redemption right (in days)	90 days
Ordinary shares
Convertible Redeemable Preferred Shares
Conversion ratio of preferred shares to ordinary shares \| shares	1
Series A-1 A-2 B-1 B-2 B-3 B-4 C-1 D Convertible Redeemable Preferred Stock [Member]
Convertible Redeemable Preferred Shares
Factor in calculating dividend	8
Series C-1 Convertible Redeemable Preferred Stock
Convertible Redeemable Preferred Shares
Redemption price as a percentage on issue price	10.00%
Series D And C-1 Redeemable Preferred Shares [Member]
Convertible Redeemable Preferred Shares
Factor included in liquidation calculation	12
Factor included in calculation of redemption price	10
Preferred shares \| Series B-1, B-2, B-3, and B-4 convertible redeemable preferred shares
Convertible Redeemable Preferred Shares
Redemption price as a percentage on issue price	120.00%
Preferred shares \| Series A-2 Convertible Redeemable Preferred Stock
Convertible Redeemable Preferred Shares
Redemption price as a percentage on issue price	300.00%

Basic and Diluted Net Income/(Loss) Per Share - Antidilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities, (in shares)	0	549,315,048	594,759,507
Preferred Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities, (in shares)		518,830,264	544,794,837
Share-based awards
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities, (in shares)		30,484,784	49,964,670

Basic and Diluted Net Loss Per Share - Net loss per share in accordance with ASC 260 (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2020 CNY (¥) ¥ / shares shares	Dec. 31, 2019 CNY (¥) ¥ / shares shares	Dec. 31, 2018 CNY (¥) ¥ / shares shares
Net income/(loss) per ordinary share-basic: Numerator:
Net income/(loss) attributable to 36Kr Holdings Inc.	$ (42,811)	¥ (279,342)	¥ (25,911)	¥ 40,518
Accretion on redeemable non-controlling interests to redemption value			(1,808)	(1,025)
Accretion of convertible redeemable preferred shares to redemption value			(449,130)	(120,060)
Re-designation of Series A-1 into Series B-3 convertible redeemable preferred shares			(26,787)
Re-designation of ordinary shares into Series A-1, A-2, B-1, B-2, B-3 convertible redeemable preferred shares, and issuance of Series A-1, A-2, B-1, B-2, B-3 convertible redeemable preferred shares			(309,984)
Re-designation of ordinary shares into Series C-2 convertible redeemable preferred shares			(36,977)
Net loss/(income) attributable to non-controlling interests	$ (136)	(889)	156	0
Net loss attributable to ordinary shareholders of 36Kr Holdings Inc.- basic		¥ (280,231)	¥ (850,441)	¥ (80,567)
Net income/(loss) per ordinary share-basic: Denominator:
Denominator used in computing net loss per share - basic (in shares) \| shares	1,019,316,944	1,019,316,944	368,159,249	292,731,461
Weighted average number of ordinary shares outstanding \| (per share)	$ (0.042)	¥ (0.275)	¥ (2.310)	¥ (0.275)
Net income/(loss) per ordinary share-diluted: Numerator:
Net loss attributable to ordinary shareholders of 36Kr Holdings Inc.- basic		¥ (280,231)	¥ (850,441)	¥ (80,567)
Net loss attributable to ordinary shareholders - diluted		¥ (280,231)	¥ (850,441)	¥ (80,567)
Net income/(loss) per ordinary share-diluted: Denominator:
Denominator used in computing net loss per share - basic (in shares) \| shares	1,019,316,944	1,019,316,944	368,159,249	292,731,461
Denominator used in computing net loss per share - diluted ((in shares) \| shares	1,019,316,944	1,019,316,944	368,159,249	292,731,461
-Diluted \| (per share)	$ (0.042)	¥ (0.275)	¥ (2.310)	¥ (0.275)

Accrued Liabilities and Other Payables

12 Months Ended

Dec. 31, 2020

Accrued Liabilities and Other Payables

Accrued Liabilities and Other Payables

10. Accrued Liabilities and Other Payables

The following is a summary of accrued liabilities and other payables as of December 31, 2019 and 2020:


	December 31,	December 31,
	2019	2020
	RMB’000	RMB’000
Accrued professional fees	27,788	10,459
Accrued office rental expense	2,337	340
Accrued employee welfare expense, meal and travel expense	714	411
Guarantee deposits	410	330
Withholding employees' social insurance and housing fund	843	1,082
Others	1,216	938
Total	33,308	13,560

Concentration and Risks (Details)	12 Months Ended
Concentration and Risks (Details)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues \| Customer risk \| Customer A
Concentration Risk [Line Items]
Concentration risk (as a percent)	0.00%	0.00%	19.00%
Revenues \| Customer risk \| Customer D
Concentration Risk [Line Items]
Concentration risk (as a percent)	32.00%	31.00%
Accounts receivable \| Customer risk \| Customer A
Concentration Risk [Line Items]
Concentration risk (as a percent)	11.00%	11.00%
Accounts receivable \| Customer risk \| Customer D
Concentration Risk [Line Items]
Concentration risk (as a percent)	39.00%	35.00%
Costs and expenses \| Supplier risk \| Supplier C
Concentration Risk [Line Items]
Concentration risk (as a percent)	22.00%	27.00%
Accounts payable \| Supplier risk \| Supplier C
Concentration Risk [Line Items]
Concentration risk (as a percent)		57.00%

Condensed Financial Information of the Company Condensed Balance Sheet (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Current assets:
Cash and cash equivalents	$ 9,325	¥ 60,846	¥ 177,372
Receivables due from related parties	15	98	4,615
Prepayments and other current assets	2,501	16,319	41,852
Non-current assets:
Total assets	88,664	578,529	910,815
Current liabilities:
Amount due to inter-company entities	84	548
Accrued liabilities and other payables	2,079	13,560	33,308
Total liabilities	29,052	189,560	266,867
Commitments and Contingencies (Note 18)
Shareholders' equity
Additional paid-in capital	312,750	2,040,693	2,000,267
Treasury stock (US$ 0.0001 par value; 2,561,468 shares and 15,557,593 shares as of December 31, 2019 and 2020, respectively)	(2,158)	(14,081)	(2,333)
Accumulated deficit	(251,124)	(1,638,581)	(1,358,350)
Accumulated other comprehensive loss	(1,210)	(7,897)	(3,054)
Total 36Kr Holdings Inc.'s shareholders' equity	58,363	380,821	637,209
Total liabilities and shareholders' equity	88,664	578,529	910,815
Class A ordinary shares
Shareholders' equity
Ordinary shares	95	621	613
Class B ordinary shares
Shareholders' equity
Ordinary shares	10	66	66
Parent company \| Reportable legal entities
Current assets:
Cash and cash equivalents	7,435	48,510	159,038
Receivables due from related parties	4	29	28
Prepayments and other current assets	27	181	109
Non-current assets:
Investments in subsidiaries, VIE and subsidiaries of VIE	53,917	351,816	511,340
Total assets	61,383	400,536	670,515
Current liabilities:
Amount due to inter-company entities	2,261	14,762	15,761
Accrued liabilities and other payables	759	4,953	17,545
Total liabilities	3,020	19,715	33,306
Commitments and Contingencies (Note 18)
Shareholders' equity
Additional paid-in capital	312,750	2,040,693	2,000,267
Treasury stock (US$ 0.0001 par value; 2,561,468 shares and 15,557,593 shares as of December 31, 2019 and 2020, respectively)	(2,158)	(14,081)	(2,333)
Accumulated deficit	(251,124)	(1,638,581)	(1,358,350)
Accumulated other comprehensive loss	(1,210)	(7,897)	(3,054)
Total 36Kr Holdings Inc.'s shareholders' equity	58,363	380,821	637,209
Total liabilities and shareholders' equity	61,383	400,536	670,515
Parent company \| Reportable legal entities \| Class A ordinary shares
Shareholders' equity
Ordinary shares	95	621	613
Parent company \| Reportable legal entities \| Class B ordinary shares
Shareholders' equity
Ordinary shares	$ 10	¥ 66	¥ 66

Leases - maturity of operating lease liabilities (Details) ¥ in Thousands	Dec. 31, 2020 CNY (¥)
Maturity of operating lease liabilities under the Group's non-cancelable operating leases
2021	¥ 14,801
2022	13,575
2023	508
2024 and thereafter	260
Total lease payment	29,144
Less: interest	1,586
Present value of operating lease liabilities	¥ 27,558

Restricted Net Assets	12 Months Ended
Restricted Net Assets	Dec. 31, 2020
Restricted Net Assets
Restricted Net Assets	20. Restricted Net Assets The Group’s ability to pay dividends is primarily dependent on the Group receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the Group’s subsidiaries and VIE incorporated in the PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Group’s subsidiaries. In accordance with the PRC laws and regulations, statutory reserve funds shall be made and can only be used for specific purposes and are not distributable as cash dividends. See Note 2 (ac) for more detailed information. As a result of these PRC laws and regulations that require annual appropriations of 10% of net after‑tax profits to be set aside prior to payment of dividends as general reserve fund or statutory surplus fund, the Group’s PRC subsidiaries, the VIE and the VIE’s subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company either in the form of dividends, loans or advances, which the restricted portion amounted to approximately RMB 250.23 (US$35.94 million) million and RMB 186.06 million (US$ 28.52 million) as of December 31, 2019 and 2020, respectively. Even though the Company currently does not require any such dividends, loans or advances from the PRC entities for working capital and other funding purposes, the Company may in the future require additional cash resources from them due to changes in business conditions, to fund future acquisitions and development, or merely to declare and pay dividends or distributions to the Company's shareholders. Except for the above, there is no other restriction on use of proceeds generated by the Company's subsidiaries, the VIE and the subsidiaries of the VIE to satisfy any obligations of the Company. The Company performed a test on the restricted net assets of its consolidated subsidiaries and VIE (the "restricted net assets") in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), "General Notes to Financial Statements" and concluded that it was applicable for the Company to disclose its condensed financial information for the year ended December 31, 2019 and 2020, while it was not applicable for the Company to disclose its condensed financial information for the year ended December 31, 2018 because the Company was incorporated in December 2018, and except for investment in subsidiaries, no other material transactions have been conducted by the Company since its inception.

Share-based Compensation - 2019 Incentive Plan (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands			1 Months Ended	12 Months Ended
	Dec. 19, 2020	Sep. 07, 2020	Sep. 30, 2019 CNY (¥) shares	Dec. 31, 2020 $ / shares	Dec. 31, 2020 CNY (¥) ¥ / shares shares	Dec. 31, 2019 $ / shares	Dec. 31, 2019 CNY (¥) ¥ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2020 CNY (¥) shares	Dec. 31, 2019 USD ($) $ / shares	Sep. 30, 2019 $ / shares shares
2019 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized under the plan (in shares)											137,186,000
Cancelled (in shares)					6,674,341		3,187,546
Exercise price (in US dollars per share) \| $ / shares				$ 0.0001		$ 0.0001		$ 0.0001		$ 0.0001	$ 0.0001
Incremental compensation cost \| ¥			¥ 0
Number of share options granted (in shares)					5,125,000		129,590,471
Assumptions
Expected volatility	50.22%	50.22%
Contractual term (in year)	10 years	10 years
Risk-free interest rate	1.66%	1.66%
Number of shares
Beginning balance					126,402,925
Granted during the year					5,125,000		129,590,471
Exercised during the year					(36,613,500)
Forfeited during the year					(6,674,341)		(3,187,546)
Ending balance					88,240,084		126,402,925
Exercisable at the end								69,926,029	69,926,029
Weighted average exercise price US$/Share
Outstanding at beginning of period \| $ / shares				0.0001
Granted during the year \| $ / shares				0.0001		0.0001
Exercised during the year \| $ / shares				0.0001
Forfeited during the year \| $ / shares				0.0001		0.0001
Outstanding at end of period \| $ / shares				0.0001		0.0001
Exercisable at the end (in dollars per share) \| $ / shares								$ 0.0001
Aggregate intrinsic value
Aggregate intrinsic value US$ \| $								$ 9,847,593		$ 37,352,064
Exercisable at the end (in dollars) \| $								$ 7,796,752
Weighted average remaining contractual years
Weighted average remaining contractual years					8 years 9 months 7 days		9 years 8 months 5 days
Exercisable at the end (in years)					8 years 8 months 5 days
Weighted average price of options granted during the year \| $ / shares				0.0001		0.0001
Number of options exercisable								69,926,029	69,926,029
Weighted average exercise price of options exercisable \| $ / shares								$ 0.0001
Weighted average remaining contractual years of options exercisable					8 years 8 months 5 days
Aggregate intrinsic value of exercisable options \| $								$ 7,796,752
Unrecognized share-based compensation expenses, recognition period					2 years 7 months 21 days
Weighted average grant date fair value of share options \| (per share)				$ 0.12	¥ 0.78	$ 0.55	¥ 3.81
Share-based compensation expenses recognized for share options \| ¥					¥ 39,280		¥ 61,250
Unrecognized share-based compensation expenses \| ¥									¥ 31,560
Unrecognized compensation expense, recognition period					2 years 7 months 21 days
2019 Incentive Plan \| Class A ordinary shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized under the plan (in shares)								12,081,944	12,081,944
2014 and 2016 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cancelled (in shares)			91,548,120
Number of shares
Forfeited during the year			(91,548,120)
Employee options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)					4 years
Expiration period (in years)					10 years
Replacement Share Options \| 2019 Incentive Plan
Number of shares
Exercised during the year					(24,474,535)
Certain Directors And Senior Management \| 2019 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share options granted (in shares)					5,125,000		129,590,471
Number of shares
Granted during the year					5,125,000		129,590,471

Share repurchase program	12 Months Ended
Share repurchase program	Dec. 31, 2020
Share repurchase program
Share repurchase program	13. Share repurchase program In October 2019, the Group repurchased 2,561,468 ordinary shares from certain employees with total consideration of approximately RMB 2.3 million which did not exceed the fair value of the vested restricted shares at repurchase date. On May 6, 2020, the Group announced its share repurchase program under which the Group may repurchase up to a total of 1,000,000 of its ADSs, each representing 25 Class A Ordinary Shares. For the year ended December 31, 2020, the Group repurchased 519,845 ADSs or 12,996,125 ordinary shares for total consideration amounted to US$1.7 million (RMB11.7 million) on the open market, at a weighted average price of US$3.3 per ADS. The Group accounts for the repurchased ordinary shares under the cost method and includes such treasury stock as a component of shareholders’ equity.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2020
Related Party Transactions
Related Party Transactions	19. Related Party Transactions In 2018, the Group purchased electronic equipment, software use rights and advertising services amounted to approximately RMB 2.8 million from Jiangsu Jingzhun Digital Information Industry Development Co., Ltd. ("Jiangsu Jingzhun", previously known as "Beijing Venture Glory Information Technology Co.,Ltd.”), whose chairman of board of directors is a co-founder of the Group. In 2020, the Group purchased information and data services from Jiangsu Jingzhun amounted to approximately RMB 3.0 million . As of December 31, 2019 and 2020, the amount due to Jiangsu Jingzhun were nil and nil, respectively. In 2018, 2019 and 2020, the Group earned revenue for providing advertising and enterprise value-added services to Jiangsu Jingzhun amounted to approximately RMB 1.0 million, RMB 5.0 million and RMB 0.8 million, respectively. As of December 31, 2019 and 2020, the amount due from Jiangsu Jingzhun were RMB 2.0 million and RMB 58 thousand, respectively. As of December 31, 2019, there was approximately RMB 1.7 million receivable due from 36Kr Global Holding mainly due to the salary and other expenses the Group paid on behalf of 36Kr Global Holding. In 2020, the Group purchased advertising and information services from 36Kr Global and paid salary and other expenses on behalf of 36Kr Global Holding, which amounted to approximately RMB 1.4 million and RMB 1.5 million, respectively. As of December 31, 2020, the amount due to 36Kr Global Holding was approximately RMB 0.5 million.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2020 CNY (¥) ¥ / shares shares	Dec. 31, 2019 CNY (¥) ¥ / shares shares	Dec. 31, 2018 CNY (¥) ¥ / shares shares
Revenues:
Total revenues	$ 59,274	¥ 386,764	¥ 655,606	¥ 299,093
Cost of revenues	(40,057)	(261,372)	(380,290)	(140,317)
Gross profit	19,217	125,392	275,316	158,776
Operating expenses:
Sales and marketing expenses	(21,559)	(140,672)	(131,301)	(66,984)
General and administrative expenses	(32,553)	(212,411)	(131,075)	(24,125)
Research and development expenses	(5,859)	(38,232)	(35,807)	(22,075)
Impairment of goodwill	(214)	(1,400)
Total operating expenses	(60,185)	(392,710)	(298,183)	(113,184)
Income/(loss) from operations	(40,968)	(267,318)	(22,867)	45,592
Other income/(expenses):
Share of loss from equity method investments	(3,602)	(23,502)		(2,794)
Gain on disposal of a subsidiary			11,454
Short-term investment income	285	1,859	4,115	9,300
Government grant	1,548	10,103	497	3,313
Others, net	503	3,280	783	(66)
Income/(loss) before income tax	(42,234)	(275,578)	(6,018)	55,345
Income tax expense	(577)	(3,764)	(19,893)	(14,827)
Net income/(loss)	(42,811)	(279,342)	(25,911)	40,518
Accretion on redeemable non-controlling interests to redemption value			(1,808)	(1,025)
Accretion of convertible redeemable preferred shares to redemption value			(449,130)	(120,060)
Re-designation of Series A-1 into Series B-3 convertible redeemable preferred shares			(26,787)
Re-designation of ordinary shares into Series A-1, A-2, B-1, B-2, B-3 convertible redeemable preferred shares, and issuance of Series A-1, A-2, B-1, B-2, B-3 convertible redeemable preferred shares			(309,984)
Re-designation of ordinary shares into Series C-2 convertible redeemable preferred shares			(36,977)
Net loss/(income) attributable to non-controlling interests	(136)	(889)	156	0
Net loss attributable to 36Kr Holdings Inc.'s ordinary shareholders	(42,947)	(280,231)	(850,441)	(80,567)
Net income/(loss)	(42,811)	(279,342)	(25,911)	40,518
Other comprehensive income/(loss)
Foreign currency translation adjustments	(742)	(4,843)	(3,285)	231
Total other comprehensive income/(loss)	(742)	(4,843)	(3,285)	231
Total comprehensive income/(loss)	(43,553)	(284,185)	(29,196)	40,749
Accretion on redeemable non-controlling interests to redemption value			(1,808)	(1,025)
Accretion of convertible redeemable preferred shares to redemption value			(449,130)	(120,060)
Re-designation of Series A-1 into Series B-3 convertible redeemable preferred shares			(26,787)
Re-designation of ordinary shares into Series A-1, A-2, B-1, B-2, B-3 convertible redeemable preferred shares, and issuance of Series A-1, A-2, B-1, B-2, B-3 convertible redeemable preferred shares			(309,984)
Re-designation of ordinary shares into Series C-2 convertible redeemable preferred shares			(36,977)
Net loss/(income) attributable to non-controlling interests	(136)	(889)	156	0
Comprehensive loss attributable to 36Kr Holding Inc.'s ordinary shareholders	$ (43,689)	¥ (285,074)	¥ (853,726)	¥ (80,336)
Net loss per ordinary share (RMB)
-Basic \| (per share)	$ (0.042)	¥ (0.275)	¥ (2.310)	¥ (0.275)
-Diluted \| (per share)	$ (0.042)	¥ (0.275)	¥ (2.310)	¥ (0.275)
Weighted average number of ordinary shares used in per share calculation:
-Basic (in shares) \| shares	1,019,316,944	1,019,316,944	368,159,249	292,731,461
-Diluted (in shares) \| shares	1,019,316,944	1,019,316,944	368,159,249	292,731,461
ADS
Net loss per ordinary share (RMB)
-Basic \| (per share)	$ (1.053)	¥ (6.873)	¥ (57.750)
-Diluted \| (per share)	$ (1.053)	¥ (6.873)	¥ (57.750)
Weighted average number of ordinary shares used in per share calculation:
-Basic (in shares) \| shares	40,772,678	40,772,678	14,726,370
-Diluted (in shares) \| shares	40,772,678	40,772,678	14,726,370
Cost of revenues
Share-based compensation expenses included in
Employee consideration	$ 171	¥ 1,123	¥ 4,730	¥ 673
Sales and marketing expenses
Share-based compensation expenses included in
Employee consideration	2,478	16,168	14,654	1,674
General and administrative expenses
Share-based compensation expenses included in
Employee consideration	2,990	19,508	69,412	2,554
Research and development expenses
Share-based compensation expenses included in
Employee consideration	380	2,478	2,375	210
Online advertising services
Revenues:
Total revenues	26,484	172,811	283,426	173,783
Enterprise value-added services
Revenues:
Total revenues	29,611	193,213	319,469	100,238
Subscription services
Revenues:
Total revenues	$ 3,179	¥ 20,740	¥ 52,711	¥ 25,072

Leases - future minimum lease payments (Details) ¥ in Thousands	Dec. 31, 2020 CNY (¥)
Future minimum lease payments under the Group's non-cancelable operating lease agreements based on ASC 840
2020	¥ 15,584
2021	14,801
2022	13,575
2023	508
2024	260
Total future lease payment	¥ 44,728

Condensed Financial Information of the Company Condensed Statement of Cash Flows (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)
Condensed Cash Flow Statements, Captions [Line Items]
Net cash used in operating activities	$ (2,625)	¥ (17,125)	¥ (158,937)	¥ (45,598)
Net cash used in investing activities	(9,852)	(64,289)	9,885	(56,294)
Net cash provided by/(used in) financing activities	(5,033)	(32,837)	278,337	104,716
Effect of exchange rate changes on cash, and cash equivalents held in foreign currencies	(426)	(2,780)	(376)	501
Net increase/(decrease) in cash, cash equivalents and restricted cash	(17,936)	(117,031)	128,909	3,325
Cash, cash equivalents and restricted cash at beginning of the year	27,261	177,877	48,968	45,643
Cash, cash equivalents and restricted cash at end of the year	9,325	60,846	177,877	¥ 48,968
Parent company \| Reportable legal entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash used in operating activities	(505)	(3,298)	(1,604)
Net cash used in investing activities	(11,883)	(77,536)	(123,599)
Net cash provided by/(used in) financing activities	(4,193)	(27,360)	284,489
Effect of exchange rate changes on cash, and cash equivalents held in foreign currencies	(358)	(2,334)	(248)
Net increase/(decrease) in cash, cash equivalents and restricted cash	(16,939)	(110,528)	159,038
Cash, cash equivalents and restricted cash at beginning of the year	24,374	159,038
Cash, cash equivalents and restricted cash at end of the year	$ 7,435	¥ 48,510	¥ 159,038

Equity Method Investments (Details) ¥ in Thousands, $ in Thousands, ¥ in Millions	1 Months Ended			12 Months Ended
	Sep. 30, 2019 USD ($)	Jul. 31, 2019 JPY (¥)	Jul. 31, 2019 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2020 CNY (¥)
Equity method investments
Carrying value of equity method investments				$ 2,498		¥ 41,861		¥ 16,300
Share of loss from equity method investments				$ 3,602	¥ 23,502		¥ 2,794
Percentage of ownership interest acquired (as a percent)				50.00%				50.00%
Lotus
Equity method investments
Agreed to invest in cash under investment agreement	$ 6,000
36Kr Global Holding
Equity method investments
Ownership interest (as a percent)		100.00%	100.00%
36Kr Global Holding \| Lotus
Equity method investments
Agreed equity interest for transferring under investment agreement (as a percent)	51.00%
36Kr Global Holding \| 36Kr Japan
Equity method investments
Percentage of ownership interest acquired (as a percent)		67.50%	67.50%
Total consideration on acquisition		¥ 30	¥ 2,000
36Kr Global Holding \| KrAsia
Equity method investments
Ownership interest (as a percent)		75.00%	75.00%
Bytedance \| Lotus
Equity method investments
Ownership interest (as a percent)	100.00%
Lotus
Equity method investments
Fair value of resources and technologies agreed under investment agreement	$ 6,270
36Kr Global Holding
Equity method investments
Percentage of investment held	49.00%
Share of loss from equity method investments \| ¥					¥ 23,500	¥ 0
Gain from derecognition	$ 11,500

Income Taxes - Composition of deferred tax assets (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets-non-current:
Net operating tax losses carry forwards	¥ 30,536	¥ 9,440
Allowances of doubtful accounts	18,906	3,144
Property and equipment impairment	1,997
Others	299	584
Total deferred tax assets	51,738	13,168
Deferred tax liabilities-non-current:
Change in fair value of short-term investments		(147)
Total deferred tax liabilities		(147)
Subtotal		13,021
Less: valuation allowance	(51,738)	(9,630)
Total deferred tax assets, net		3,391
Accumulated operating losses	143,000	39,000
Accumulated operating losses expire in 2023	11,000
Accumulated operating losses expire in 2024	28,000
Accumulated operating losses expire in 2025	104,000
Deferred tax assets from accumulated tax losses	¥ 30,536	¥ 9,440

Nature of Operations and Reorganization

12 Months Ended

Dec. 31, 2020

Nature of Operations and Reorganization

Nature of Operations and Reorganization

1. Nature of Operations and Reorganization

(a) Nature of operations

36Kr Holdings Inc. (“36Kr” or the “Company”), is a holding company and conducts its business mainly through its subsidiaries, a VIE and subsidiaries of the VIE (collectively referred to as the “Group”). The Group is primarily engaging in providing content and business services to new economy participants in the People’s Republic of China (the “PRC”). The Group mainly generates revenues from providing online advertising services, enterprise value-added services and subscription services (collectively referred to as the “36Kr Business”). The Group’s principal operations and geographic markets are substantially located in PRC.

(b) Reorganization

The Group commenced operations in 2010. Beijing Xieli Zhucheng Finance Information Service Co., Ltd. (“Xieli”) was established in 2011 by Mr. Liu Chengcheng (the “Founder”) to carry out the Group's principal business. In December 2016, the Group’s business was carved out from Xieli (“Carve-out”), and incorporated into a newly set up company named Beijing Duoke Information Technology Co., Ltd. (“Beijing Duoke”; formerly named as Beijing Pinxin Media Culture Co., Ltd. and Beijing Sanshiliuke Culture Media Co., Ltd.), which was then a wholly owned subsidiary of Xieli.

The Company was incorporated as a limited liability company in the Cayman Islands on December 3, 2018. Through a series of contemplated reorganization steps (the “Reorganization”), the Company established Beijing Dake Information Technology Co., Ltd. (“Beijing Dake”) in June 2019 to gain control over Beijing Duoke through contractual arrangements and thereafter the 36Kr Business was transferred to the Group upon the completion of the Reorganization. The Reorganization was approved by the Board of Directors and a reorganization framework agreement was entered into by the Company, Beijing Duoke, the Founder and the shareholders of Beijing Duoke in June 2019.

As of August 2, 2019, the Group has completed the steps of the Reorganization as described below, and Beijing Duoke has become VIE of the Group. The ownership structure of the major subsidiaries and VIE of the Group is:


		Percentage
		of Direct or
		Indirect
	Place and year of	Economic
Major subsidiaries	Incorporation	Ownership		Principal activities
36Kr Holding Limited (“36Kr BVI” or “BVI Subsidiary”)	British Virgin Islands, established in 2018	100	%	Investment holding
36Kr Holdings (HK) Limited (“36Kr HK” or “HK Subsidiary”)	Hong Kong, established in 2018	100	%	Investment holding
Tianjin Duoke Investment Co., Ltd. (“Tianjin Duoke”)	The PRC, established in 2019	100	%	Investment holding
Tianjin Dake Information Technology Co., Ltd. (“Tianjin Dake”)	The PRC, established in 2019	100	%	Management consulting
Beijing Dake	The PRC, established in 2019	100	%	Management consulting


		Percentage
	Place and year of	of Economic
VIE	Incorporation	Ownership		Principal activities
Beijing Duoke	The PRC, established in 2016	100	%	36Kr Business


		Percentage
	Place and year of	of Economic
VIE Major subsidiaries	Incorporation	Ownership		Principal activities
Tianjin Thirtysix Hearts Technology Co., Ltd.	The PRC, established in 2017	100	%	Offline training
Beijing Dianqier Creative Interactive Media Culture Co., Ltd. (“Dianqier”)	The PRC, established in 2017	100	%	Enterprise value‑added services
Zhejiang Pinxin Technology Co., Ltd.	The PRC, established in 2019	100	%	Investment holding

The major reorganization steps are described as follows:

(i)

the Company was set up by the Founder in December 2018;

(ii)

the Company established a wholly owned subsidiary in British Virgin Islands ("BVI”), 36Kr BVI, in December 2018;

(iii)

36Kr BVI established a wholly owned subsidiary in Hong Kong, 36Kr HK, in December 2018;

(iv)

36Kr HK established a wholly owned subsidiary in the PRC, Tianjin Duoke, in May 2019;

(v)

Tianjin Duoke established a wholly owned subsidiary in the PRC, Tianjin Dake, in June 2019;

(vi)

Tianjin Duoke established another wholly owned subsidiary in the PRC, Beijing Dake, in June 2019;

(vii)

Beijing Dake entered into various contractual agreements (“VIE agreements”) as related to the VIE and the VIE’s shareholders in order to comply with PRC laws and regulations on internet business in August 2019;

(viii)

the Company issued ordinary shares at par value to ordinary shareholders of Beijing Duoke and Xieli for the respective equity interests that they held in Beijing Duoke in August 2019;

(ix)

In August 2019, the Company issued Series A-1, A-2, B-1, B-2, B-3 and B-4 convertible redeemable preferred shares to preferred shareholders of Xieli as consideration in exchange for the respective similar equity interests that they held indirectly in Beijing Duoke through Xieli . On the same date, the Company issued Series C-1 convertible redeemable preferred shares to preferred shareholders of Beijing Duoke as consideration in exchange for the respective similar equity interests that they held directly in Beijing Duoke.

The Reorganization consists of transferring the 36Kr Business to the Group, which is owned by the shareholders of Beijing Duoke and Xieli immediately before and after the Reorganization. The shareholding percentages and rights of each shareholder are substantially the same in Beijing Duoke and in the Company immediately before and after the Reorganization. Accordingly, the Reorganization is accounted for in a manner similar to a common control transaction because of the high degree of common ownership, and it is determined that the transfers lack economic substance. Therefore, the accompanying consolidated financial statements include the assets, liabilities, revenue, expenses and cash flows of 36Kr Business for the periods presented and are prepared as if the corporate structure of the Group after the Reorganization had been in existence throughout the periods presented. Accordingly, the effect of the ordinary shares and the preferred shares issued by the Company pursuant to the Reorganization have been presented retrospectively as of the beginning of the earliest period presented on the consolidated financial statement or the original issue date, whichever is later, as if such shares were issued by the Company when the Group issued such interests.

(d) Initial Public Offering

On November 8, 2019, the Company completed its initial public offering (the “IPO”) on the NASDAQ. In the offering, 1,380,000 American depositary shares (“ADSs”), representing 34,500,000 Class A ordinary shares, were issued and sold to the public at a price of US$14.50 per ADS. The net proceeds to the Company from the IPO, after deducting accrued and paid commissions and offering expenses, were approximately US$12.33 million (RMB 86.24 million).

(e) Contractual agreements with the VIE

In order to comply with the PRC laws and regulations which prohibit or restrict foreign control of companies involved in provision of internet content services, the Group operates its restricted businesses in the PRC through its VIE, whose equity interests are held by the Founder and other shareholders of the Group. The Company obtained control over the VIE by entering into a series of contractual arrangements with the legal shareholders who are also referred to as nominee shareholders. These nominee shareholders are the legal owners of the VIE. However, the rights of those nominee shareholders have been transferred to the Group through the contractual arrangements.

The contractual arrangements used to control the VIE are the power of attorney, equity pledge agreement, exclusive purchase option agreement and exclusive business cooperation agreement. The Company’s management concluded that the Company, through the contractual arrangements, has the power to direct the activities that most significantly impact the VIE’s economic performance and bears the risks of and enjoys the rewards normally associated with ownership of the VIE. Therefore, the Company is the ultimate primary beneficiary of the VIE. As such, the Company consolidates the financial statements of the VIE and its subsidiaries, and the financial results of the VIE were included in the Group’s consolidated financial statements in accordance with the basis of presentation as stated in Note 2 (a).

The following is a summary of the contractual agreements that entered into by and among Beijing Dake, Beijing Duoke, and the nominee shareholders of Beijing Duoke.

Power of Attorney

Beijing Dake, Beijing Duoke and the shareholders of Beijing Duoke have entered into an power of attorney, pursuant to which each of the shareholders of Beijing Duoke irrevocably appointed Beijing Dake (as well as its successors, including a liquidator, if any, replacing Beijing Dake) or its designated persons to act on their respective behalf as exclusive agent and attorney, to the extent permitted by law, with respect to all rights of shareholders concerning all equity interests held by each of them in Beijing Duoke, including without limitation (i) to exercise all the shareholder’s rights (including but not limited to voting rights and right to sell, transfer, pledge or dispose of all equity interests in Beijing Duoke held in part or in whole), (ii) to attend shareholders’ meetings and to execute any and all written resolutions and meeting minutes in the name and on behalf of such shareholders, and (iii) to file documents with the relevant companies registry. The agreement will remain effective until Beijing Dake unilaterally terminates the agreement in writing or all equity interests in Beijing Duoke held by its shareholders are transferred or assigned to Beijing Dake or its designated representatives.

Equity Pledge Agreement

Beijing Dake, Beijing Duoke and the shareholders of Beijing Duoke have entered into an equity pledge agreement, pursuant to which the shareholders of Beijing Duoke have pledged all of their equity interests in Beijing Duoke that they own, including any interest or dividend paid for the shares, to Beijing Dake as a security interest to guarantee the performance by Beijing Duoke and its shareholders’ performance of their respective obligations under the exclusive business cooperation agreement, exclusive purchase option agreement and power of attorney. Upon the discovery of the occurrence of any circumstances or event that may lead to an event of default (as defined in the equity pledge agreement), Beijing Dake, as the pledgee, will be entitled to certain rights, including the right to sell the pledged equity interests. Beijing Dake is not liable for any loss incurred by its due exercise of such rights and powers. This pledge will become effective on the date the pledged equity interests are registered with relevant office of the State Administration for Market Regulation and will remain effective until the pledgors are no longer the shareholders of Beijing Duoke.

Exclusive Purchase Option Agreement

Beijing Dake, Beijing Duoke and the shareholders of Beijing Duoke have entered into an exclusive purchase option agreement, pursuant to which each of the shareholders of Beijing Duoke irrevocably granted Beijing Dake or its designated representatives an exclusive option to purchase, to the extent permitted under PRC law, all or part of his, her or its equity interests in Beijing Duoke. Beijing Dake or its designated representatives have sole discretion as to when to exercise such options, either in part or in full, once or at multiple times at any time. Without Beijing Dake’s prior written consent, the shareholders of Beijing Duoke shall not sell, transfer, mortgage or otherwise dispose of their equity interests in Beijing Duoke, or allow the encumbrance thereon. The agreement will remain effective until all equity interests in Beijing Duoke held by its shareholders are transferred or assigned to Beijing Dake or its designated representatives.

Exclusive Business Cooperation Agreement

Beijing Dake and Beijing Duoke have entered into an exclusive business cooperation agreement, pursuant to which Beijing Dake has the exclusive right to provide to Beijing Duoke technical support, consulting services and other services related to Beijing Duoke’s business, including business management, daily operations, strategic planning, among others. Beijing Dake has granted Beijing Duoke the right to register its intellectual property rights under Beijing Duoke. Beijing Dake has the right to purchase such intellectual property rights from Beijing Duoke at nominal prices. The scope of the services provided by Beijing Dake may be expanded from time to time per Beijing Duoke’s request. The timing and amount of the service fee payments shall be determined at the sole discretion of Beijing Dake. The term of this agreement is indefinite unless Beijing Dake unilaterally terminates the agreement in writing.

Risks in relation to the VIE structure

A significant part of the Group’s business is conducted through the VIE of the Group, of which the Company is the ultimate primary beneficiary. In the opinion of the management, the contractual arrangements with the VIE and the nominee shareholders are in compliance with PRC laws and regulations and are legally binding and enforceable. The nominee shareholders indicate they will not act contrary to the contractual arrangements. However, there are substantial uncertainties regarding the interpretation and application of the PRC laws and regulations including those that govern the contractual arrangements, which could limit the Group’s ability to enforce these contractual arrangements and if the nominee shareholders of the VIE were to reduce their interests in the Group, their interest may diverge from that of the Group and that may potentially increase the risk that they would seek to act contrary to the contractual arrangements.

It is possible that the Group’s operation of certain of its operations and businesses through the VIE could be found by PRC authorities to be in violation of PRC law and regulations prohibiting or restricting foreign ownership of companies that engage in such operations and businesses. While the Group’s management considers the possibility of such a finding by PRC regulatory authorities under current law and regulations to be remote, on March 15, 2019, the National People’s Congress adopted the Foreign Investment Law of the PRC, effective on January 1, 2020 and replace three existing laws regulating foreign investment in China, namely, the Wholly Foreign-Invested Enterprise Law of the PRC, the Sino-Foreign Cooperative Joint Venture Enterprise Law of the PRC and the Sino-Foreign Equity Joint Venture Enterprise Law of the PRC, together with their implementation rules and ancillary regulations. The Foreign Investment Law of the PRC embodies an expected PRC regulatory trend to rationalize its foreign investment regulatory regime in line with prevailing international practice and the legislative efforts to unify the corporate legal requirements for both foreign and domestic investments. However, since it is relatively new, uncertainties still exist in relation to its interpretation and implementation. For example, the Foreign Investment Law of the PRC adds a catch-all clause to the definition of “foreign investment” so that foreign investment, by its definition, includes “investments made by foreign investors in China through other means defined by other laws or administrative regulations or provisions promulgated by the State Council” without further elaboration on the meaning of “other means”. It leaves leeway for the future legislations promulgated by the State Council to provide for contractual arrangements as a form of foreign investment. It is therefore uncertain whether the Group’s corporate structure will be seen as violating the foreign investment rules as the Group are currently leveraging the contractual arrangements to operate certain businesses in which foreign investors are prohibited from or restricted to investing. Furthermore, if future legislations prescribed by the State Council mandate further actions to be taken by companies with respect to existing contractual arrangement, the Group may face substantial uncertainties as to whether the Group can complete such actions in a timely manner, or at all. If the Group fail to take appropriate and timely measures to comply with any of these or similar regulatory compliance requirements, the Group’s current corporate structure, corporate governance and business operations could be materially and adversely affected.

If the Group’s corporate structure or the contractual arrangements with the VIE were found to be in violation of any existing or future PRC laws and regulations, the PRC regulatory authorities could, within their respective jurisdictions:

revoke the business licenses and/or operating licenses of such entities;

discontinue or place restrictions or onerous conditions on the Group’s operation through any transactions between the PRC subsidiary and the VIE;

impose fines, confiscate the income from the PRC subsidiary or the VIE, or impose other requirements with which the VIE may not be able to comply;

require the Group to restructure the ownership structure or operations, including terminating the contractual arrangements with the VIE and deregistering the equity pledges of the VIE, which in turn would affect the Group’s ability to consolidate, derive economic interests from, or exert effective control over the VIE;

restrict or prohibit the Group’s use of the proceeds of this offering to finance the Group’s business and operations in China; or

take other regulatory or enforcement actions that could be harmful to the Group’s business.

The imposition of any of these restrictions or actions could result in a material adverse effect on the Group’s ability to conduct its business. In such case, the Group may not be able to operate or control the VIE, which may result in deconsolidation of the VIE in the Group’s consolidated financial statements. In the opinion of the management, the likelihood for the Group to lose such ability is remote based on current facts and circumstances. The Group believes that the contractual arrangements among the VIE, its shareholders and relevant wholly foreign owned enterprise are in compliance with PRC law and are legally enforceable. The Group’s operations depend on the VIE to honor its contractual arrangements with the Group. These contractual arrangements are governed by PRC law and disputes arising out of these agreements are expected to be decided by arbitration in the PRC. The Company’s management believes that each of the contractual arrangements constitutes valid and legally binding obligations of each party to such contractual arrangements under the PRC laws. However, the interpretation and implementation of the laws and regulations in the PRC and their application on the legality, binding effect and enforceability of contracts are subject to the discretion of competent PRC authorities, and therefore there is no assurance that relevant PRC authorities will take the same position as the Group herein in respect of the legality, binding effect and enforceability of each of the contractual arrangements. Meanwhile, since the PRC legal system continues to evolve, the interpretations of many laws, regulations and rules are not always uniform and enforcement of these laws, regulations and rules involve uncertainties, which may limit legal protections available to the Group to enforce the contractual arrangements should the VIE or the nominee shareholders of the VIE fail to perform their obligations under those arrangements.


	December 31,	December 31,
	2019	2020
	RMB’000	RMB’000
Current assets:
Cash and cash equivalents	11,870	11,494
Restricted cash	501	—
Short‑term investments	40,096	122,277
Accounts receivable, net	538,537	304,845
Amounts due from the Company and its subsidiaries	15,807	16,106
Receivables due from related parties of the Group	4,393	89
Prepayments and other current assets	16,810	14,566
Non‑current assets:
Property and equipment, net	15,964	3,937
Intangible assets, net	356	471
Operating lease right-of-use assets, net	—	27,365
Deferred tax assets	3,391	—
Total assets	647,725	501,150
Current liabilities:
Accounts payable	139,336	64,641
Salary and welfare payables	34,578	32,749
Taxes payable	32,441	17,207
Deferred revenue	8,161	18,849
Amounts due to the Company and its subsidiaries	116,097	199,392
Amounts due to related parties of the Group	—	548
Accrued liabilities and other payables	15,302	8,219
Operating lease liabilities	—	15,132
Non-current liabilities:
Operating lease liabilities	—	12,426
Total liabilities	345,915	369,163


	For the year ended December 31,
	2018	2019	2020
	RMB’000	RMB’000	RMB’000
Total revenues	299,093	655,241	386,861
Net income/(loss)	40,518	(5,058)	(170,451)


	For the year ended December 31,
	2018	2019	2020
	RMB’000	RMB’000	RMB’000
Net cash (used in)/provided by operating activities	(45,598)	(133,255)	57,273
Net cash (used in)/provided by investing activities	(56,294)	98,305	(83,561)
Net cash provided by/(used in) financing activities	104,716	(1,614)	25,411
Effect of exchange rate changes on cash, cash equivalents, and restricted cash held in foreign currencies	501	(33)	—

The Company’s involvement with the VIE is through the contractual arrangements disclosed above. All recognized assets held by the VIE are disclosed in the table above. Unrecognized revenue‑producing assets held by the VIE include the Internet Content Provision License, tradename of 36Kr, the domain names of 36kr.com, 36Kr mobile application, 36Kr official account on social networks, customer relationship relating to online advertising and enterprise value‑added services, customer lists relating to subscription services and assembled workforce.

In accordance with various contractual agreements, the Company has the power to direct the activities of the VIE and can have assets transferred out of the VIE. Therefore, the Company considers that there are no assets in the respective VIE that can be used only to settle obligations of the respective VIE, except for the registered capital of the VIE as well as certain non‑distributable statutory reserves. As the respective VIE is incorporated as limited liability company under the PRC Company Law, creditors do not have recourse to the general credit of the Company for the liabilities of the respective VIE. There is currently no contractual arrangement that would require the Company to provide additional financial support to the VIE. As the Group is conducting certain businesses in the PRC through the VIE, the Group may provide additional financial support on a discretionary basis in the future, which could expose the Group to a loss.

There is no VIE in the Group where the Company or any subsidiary has a variable interest but is not the primary beneficiary.

Significant Accounting Policies - Property and equipment, net, goodwill and impairment of long-lived assets (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)
Goodwill
Goodwill impairment	$ 214	¥ 1,400
Impairment of long-lived assets
Impairment of long-lived assets	$ 1,224	¥ 7,987
Electronic equipment and computers \| Minimum
Estimated useful lives to impairment of long-lived assets
Estimated useful life	3 years	3 years
Electronic equipment and computers \| Maximum
Estimated useful lives to impairment of long-lived assets
Estimated useful life	5 years	5 years
Office furniture and equipment
Estimated useful lives to impairment of long-lived assets
Estimated useful life	3 years	3 years

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes

Schedule of composition of income tax expenses


	For the year ended December 31,
	2018	2019	2020
	RMB’000	RMB’000	RMB’000
Current income tax expense	15,079	22,978	373
Deferred taxation	(252)	(3,085)	3,391
Total	14,827	19,893	3,764

Schedule of reconciliation of the differences between statutory income tax rate and the effective income tax rate


	For the year ended December 31,
	2018	2019	2020
	%	%	%
Statutory EIT rate	25.00	25.00	25.00
Effect of non‑deductible expenses(1)	3.28	(386.74)	(5.78)
Tax incentives for research and development expense(2)	(7.35)	111.56	2.08
Tax incentives for wages of disabled staff	(0.36)	9.89	0.02
Preferential tax rate	—	—	1.15
Change in valuation allowance	5.82	(154.03)	(23.19)
Non-taxable item (3)	—	47.58	—
Tax rate difference from statutory rate in other jurisdictions	0.40	7.45	(0.72)
Others	—	8.72	0.07
Effective income tax rate	26.79	(330.57)	(1.37)

(1)

It is mainly comprised of share‑based compensation expenses which are permanent differences.

(2)

(3)

It is due to the disposal gain arising from the disposal of 36Kr Global Holding.

Schedule of composition of deferred tax assets


	December 31,	December 31,
	2019	2020
	RMB’000	RMB’000
Deferred tax assets - non‑current:
—Net operating tax losses carry forwards	9,440	30,536
—Allowances of doubtful accounts	3,144	18,906
—Property and equipment impairment	—	1,997
—Others	584	299
Total deferred tax assets	13,168	51,738
Deferred tax liabilities - non‑current:
—Change in fair value of short‑term investments	(147)	—
Total deferred tax liabilities	(147)	—
Subtotal	13,021	—
Less: valuation allowance	(9,630)	(51,738)
Total deferred tax assets, net	3,391	—

Accounts Receivable, net - Allowance for doubtful accounts (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Movements in the allowance for doubtful accounts
Balance at beginning of the year	¥ (11,413)	¥ (2,070)
Additions	(125,563)	(9,504)	¥ (2,070)
Write-offs	(12,772)	(161)
Balance at end of the year	¥ (124,204)	¥ (11,413)	¥ (2,070)

Subsequent Event (Details) - Subsequent Event - Investment in Beijing Sharetimes Technology Co., Ltd. - CNY (¥) ¥ in Millions	Mar. 18, 2021	Mar. 19, 2021
Subsequent Event
Equity Securities without Readily Determinable Fair Value, Number of Shares Subscribed	420,876
Equity Securities without Readily Determinable Fair Value, Amount		¥ 30.0
Equity Securities without Readily Determinable Fair Value, Ownership Percentage	1.64%

Prepayments and Other Current Assets

12 Months Ended

Dec. 31, 2020

Prepayments and Other Current Assets

Prepayments and Other Current Assets

6. Prepayments and Other Current Assets

Prepayments and other current assets consist of the following:


	December 31,	December 31,
	2019	2020
	RMB’000	RMB’000
Prepayments of copyright	25,000	7,862
Deposits	6,245	5,108
Prepayments of equipment location rental fee	3,216	54
Prepayments of office rent and utility fee	2,672	562
Prepayments of IT services	1,957	1,205
Prepayments of procurement cost	1,121	612
Others	1,641	916
Total	41,852	16,319

Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Significant Accounting Policies

Significant Accounting Policies

2. Significant Accounting Policies

(a) Basis of presentation

(b) Principles of consolidation

All significant intercompany transactions and balances between the Company, its subsidiaries, the VIE and subsidiaries of the VIE have been eliminated upon consolidation.

(d) Functional currency and foreign currency translation

(e) Convenience translation

(f) Fair value measurements

Level 1—Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2—Observable, market‑based inputs, other than quoted prices, in active markets for identical assets or liabilities.

Level 3—Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

On a recurring basis, the Group measures its short‑term investments at fair value. For the details of the short‑term investments, please refer to Note 2 (i).

The following table sets forth the Group’s assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy:

As of December 31, 2019


				Balance at
Assets	Level 1	Level 2	Level 3	fair value
	RMB’000	RMB’000	RMB’000	RMB’000
Short‑term investments — Wealth management products	—	86,362	—	86,362

As of December 31, 2020


				Balance at
Assets	Level 1	Level 2	Level 3	fair value
	RMB’000	RMB’000	RMB’000	RMB’000
Short‑term investments — Wealth management products	—	148,344	—	148,344

(g) Cash and cash equivalents

(h) Restricted cash

(i) Short‑term investments

(j) Accounts receivable, net

(k) Property and equipment, net


		Estimated useful life
Electronic equipment and computers		3 to 5 years
Office furniture and equipment		3 years
Leasehold improvement		Lesser of the term of the lease or the estimated useful lives of the leasehold improvement

(l) Goodwill

(m) Impairment of long‑lived assets

(n) Equity method investments

(o) Revenue recognition

identification of the contract, or contracts, with a customer;

identification of the performance obligations in the contract;

determination of the transaction price, including the constraint on variable consideration;

allocation of the transaction price to the performance obligations in the contract; and

recognition of revenue when (or as) the Group satisfy a performance obligation.

The following is a description of the accounting policy for the principal revenue streams of the Group.

I. Online advertising services

II. Enterprise value‑added services

The principal enterprise value‑added services that the Group provides to customers are set out as follows:

(i) Integrated marketing

(ii) Offline events

(iii) Consulting

The Group provides customized market research and industry reports to established companies. In addition, the Group also helps the customers to organize and execute business events.

III. Subscription services

(i) Institutional investor and enterprise subscription services

(ii) Individual subscription services

In the following table, the total revenue is disaggregated by the major service lines mentioned above.


	For the year ended December 31,
	2018	2019	2020
	RMB’000	RMB’000	RMB’000
Online advertising services	173,783	283,426	172,811
Enterprise value‑added services
Integrated marketing	40,017	250,344	133,599
Offline events	53,711	53,861	26,992
Consulting	6,510	15,264	32,622
Revenue for Enterprise value‑added services	100,238	319,469	193,213
Subscription services
Institutional investor subscription services	14,368	20,039	16,036
Enterprise subscription services	—	2,077	361
Individual subscription services	10,704	30,595	4,343
Revenue for Subscription services	25,072	52,711	20,740
Total revenue	299,093	655,606	386,764

Contract balances

Practical expedients and exemptions

The Group generally expenses sales commissions when incurred because the amortization periods are generally one year or less. These costs are recorded within sales and marketing expenses.

(p) Cost of revenues

(q) Sales and marketing expenses

(r) General and administrative expenses

(s) Research and development expenses

(t) Operating lease and adoption of ASU 2016-02

(u) Share‑based compensation

(v) Employee benefits

(w) Taxation

Income taxes

Uncertain tax positions

(x) Government grant

(y) Other income — Others, net

Others, net mainly represent interest income, interest expense, and foreign currency exchange gains or losses.

(z) Comprehensive income

(aa) Related parties

(ab) Segment reporting

(ac) Statutory reserves

The Group’s consolidated subsidiaries, the VIE and VIE’s subsidiaries established in the PRC are required to make appropriations to certain non‑distributable reserve funds.

(ad) Net loss per share

Income Taxes - Reconciliation of the differences between statutory income tax rate and the effective income tax rate (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation
Statutory EIT rate	25.00%	25.00%	25.00%
Effect of non-deductible expenses	(5.78%)	(386.74%)	3.28%
Tax incentives for research and development expense	2.08%	111.56%	(7.35%)
Tax incentives for wages of disabled staff	0.02%	9.89%	(0.36%)
Preferential tax rate	1.15%
Change in valuation allowance	(23.19%)	(154.03%)	5.82%
Non-taxable item		47.58%
Tax rate difference from statutory rate in other jurisdictions	(0.72%)	7.45%	0.40%
Others	0.07%	8.72%
Effective income tax rate	(1.37%)	(330.57%)	26.79%
Percentage of tax incentives on research and development expenses	175.00%	175.00%	175.00%

Taxes Payable

12 Months Ended

Dec. 31, 2020

Taxes Payable

Taxes Payable

9. Taxes Payable

The following is a summary of taxes payable as of December 31, 2019 and 2020:


	December 31,	December 31,
	2019	2020
	RMB’000	RMB’000

VAT payable	18,127	16,818
Enterprise income taxes payable	13,458	232
Withholding individual income taxes for employees	2,628	1,466
Construction fee for cultural undertaking payable	911	—
Others	217	308
Total	35,341	18,824

Recently Issued Accounting Pronouncements	12 Months Ended
Recently Issued Accounting Pronouncements	Dec. 31, 2020
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements	3. Recently Issued Accounting Pronouncements The Group qualifies as an “emerging growth company”, or EGC, pursuant to the Jumpstart Our Business Startups Act of 2012, as amended, or the JOBS Act. As an EGC, the Group does not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards. Financial Instruments‑overall: Credit Losses. In June 2016, the FASB issued ASU 2016‑13, “Financial Instruments‑Credit Losses (Topic 326)”, which introduces new guidance for the accounting for credit losses on instruments within its scope. The new FASB model, referred to as the current expected credit losses (“CECL”) model, will apply to: (1) financial asset subject to credit losses and measured at amortized cost and (2) certain off‑balance sheet credit exposures. This includes loans, held‑to‑maturity debt securities, loan commitments, financial guarantees, and net investment in leases, as well as reinsurance and trade receivables. This replaces the existing incurred loss model. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 for public companies. Early adoption will be permitted for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 for public companies. The standard is effective for the Group for fiscal years beginning after December 15, 2020. The Group will adopt ASU 2016-13 effective January 1, 2021 on a modified retrospective basis and do not expect any material impact on the balance sheets and the consolidated statements of comprehensive income/(loss) as a result of adopting the new standard. Investments—Equity securities (Topic 321), Investments—Equity method and joint ventures (Topic 323), and Derivatives and hedging (Topic 815). In January 2020, the FASB issued ASU 2020-01, “Investments—Equity securities (Topic 321), Investments—Equity method and joint ventures (Topic 323), and Derivatives and hedging (Topic 815)—Clarifying the interactions between Topic 321, Topic 323, and Topic 815”, which clarify the interaction of the accounting for equity securities under Topic 321 and investments under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. The amendments clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. This standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020 for public companies. Early adoption is permitted. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021 for the Group. The Group is currently in the process of evaluating the impact of the adoption of this guidance on its consolidated financial statements. Income taxes (Topic 740). In December 2019, the FASB issued ASU 2019-12, “Income taxes (Topic 740)—Simplifying the accounting for income taxes”, which simplified the accounting for income taxes by removing certain exceptions to the general principles in Topic 740, Income Taxes. The amendments also improve consistent application or and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This standard is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years for public companies. Early adoption is permitted. The standard is effective for the Group beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The Group is currently in the process of evaluating the impact of the adoption of this guidance on its consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (g)(2)
-URI http://asc.fasb.org/extlink&oid=113356391&loc=SL49131195-203048

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-URI http://asc.fasb.org/topic&trid=2122394

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (i)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section S99
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=112272810&loc=SL108384541-122693

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 65
-Paragraph 1
-Subparagraph (i)(2)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
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-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (g)(1)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Subparagraph (j)
-URI http://asc.fasb.org/extlink&oid=113356391&loc=SL49131195-203048

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iv)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
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-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 11.M.Q2)
-URI http://asc.fasb.org/extlink&oid=112272810&loc=d3e31137-122693

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (e)(1)
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(3)

+ Details

Accrued Liabilities and Other Payables (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Accrued Liabilities and Other Payables
Accrued professional fees		¥ 10,459	¥ 27,788
Accrued office rental expense		340	2,337
Accrued employee welfare expense, meal and travel expense		411	714
Guarantee deposits		330	410
Withholding employees' social insurance and housing fund		1,082	843
Others		938	1,216
Total	$ 2,079	¥ 13,560	¥ 33,308

Convertible Redeemable Preferred Shares (Tables)

12 Months Ended

Dec. 31, 2020

Convertible Redeemable Preferred Shares

Schedule of issuances of convertible redeemable preferred shares


		Issuance price
		per share
Name	Issuance date	RMB	Number of shares
Series A‑1 preferred shares	November 2011	0.01	62,273,127
Series A‑2 preferred shares	June 2012	0.06	81,008,717
Series B‑1 preferred shares	September 2015	1.24	200,241,529
Series B‑2 preferred shares	May 2016	3.21	11,674,379
Series B‑3 preferred shares	September 2015	1.24	12,141,515
Series B‑3 preferred shares	November 2016	3.12	7,220,212
Series B‑4 preferred shares	March 2016	3.21	7,004,073
Series B‑4 preferred shares	December 2016	3.21	2,334,688
Series C‑1 preferred shares	October 2017 to January 2018	1.53	164,876,000

Schedule of preferred shares activities


			Accretions
			of Preferred
	Balance as of	Issuance of	Shares to	Balance as of
	January 1,	Preferred	redemption	December 31,
	2018	Shares	value	2018
Series A‑1 Preferred Shares
Number of shares	62,273,127	—	—	62,273,127
Amount (RMB’000)	681	—	—	681
Series A‑2 Preferred Shares
Number of shares	81,008,717	—	—	81,008,717
Amount (RMB’000)	12,169	—	1,331	13,500
Series B‑1 Preferred Shares
Number of shares	200,241,529	—	—	200,241,529
Amount (RMB’000)	296,857	—	91,288	388,145
Series B‑2 Preferred Shares
Number of shares	11,674,379	—	—	11,674,379
Amount (RMB’000)	45,000	—	—	45,000
Series B‑3 Preferred Shares
Number of shares	19,361,727	—	—	19,361,727
Amount (RMB’000)	45,000	—	3,016	48,016
Series B‑4 Preferred Shares
Number of shares	9,338,761	—	—	9,338,761
Amount (RMB’000)	36,000	—	—	36,000
Series C‑1 Preferred Shares
Number of shares	99,449,000	65,427,000	—	164,876,000
Amount (RMB’000)	152,834	100,000	24,425	277,259
Total number of Preferred Shares	483,347,240	65,427,000	—	548,774,240
Total amount of Preferred Shares (RMB’000)	588,541	100,000	120,060	808,601


				Re-	Re-		Re-designation of
				designation	designation		ordinary shares into
			Accretions	of Series A-1	of ordinary	Re-designation	Series A-1, A-2, B-1, B-2
			of Preferred	into Series	shares into	of ordinary	, B-3 preferred	Re-designation of	Conversion and	Balance as of
	Balance as	Issuance of	Shares to	B-3	Series B-3	shares into	shares, and issuance of	ordinary shares	re-designation	December 31,
	of January 1,	Preferred	redemption	preferred	preferred	Series B-4	Series A-1, A-2, B-1, B-	into Series C-2	of Preferred	2019 and
	2019	Shares	value	shares	shares	preferred shares	2, B-3 preferred shares	preferred shares	Shares	2020
Series A-1 Preferred Shares
Number of shares	62,273,127	—	—	(10,027,455)	—	—	13,061,328	—	(65,307,000)	—
Amount (RMB’000)	681	—	—	(110)	—	—	41,233	—	(41,804)	—
Series A-2 Preferred Shares
Number of shares	81,008,717	—	—	—	—	—	20,252,283	—	(101,261,000)	—
Amount (RMB’000)	13,500	—	—	—	—	—	63,994	—	(77,494)	—
Series B-1 Preferred Shares
Number of shares	200,241,529	—	—	—	—	—	50,060,471	—	(250,302,000)	—
Amount (RMB’000)	388,145	—	363,100	—	—	—	163,340	—	(914,585)	—
Series B-2 Preferred Shares
Number of shares	11,674,379	—	—	—	—	—	2,918,621	—	(14,593,000)	—
Amount (RMB’000)	45,000	—	(1,722)	—	—	—	10,044	—	(53,322)	—
Series B-3 Preferred Shares
Number of shares	19,361,727	—	—	10,027,455	17,215,818	—	9,500,000	—	(56,105,000)	—
Amount (RMB’000)	48,016	—	57,521	26,897	41,196	—	31,373	—	(205,003)	—
Series B-4 Preferred Shares
Number of shares	9,338,761	—	—	—	—	11,643,239	—	—	(20,982,000)	—
Amount (RMB’000)	36,000	—	4,845	—	—	35,822	—	—	(76,667)	—
Series C-1 Preferred Shares
Number of shares	164,876,000	—	—	—	—	—	—	—	(164,876,000)	—
Amount (RMB’000)	277,259	—	23,534	—	—	—	—	—	(300,793)	—
Series C-2 Preferred Shares
Number of shares	—	—	—	—	—	—	—	12,545,000	(12,545,000)	—
Amount (RMB’000)	—	—	—	—	—	—	—	36,977	(36,977)	—
Series D Preferred Shares
Number of shares	—	39,999,999	—	—	—	—	—	—	(39,999,999)	—
Amount (RMB’000)	—	169,750	1,852	—	—	—	—	—	(171,602)	—
Total number of Preferred Shares	548,774,240	39,999,999	—	—	17,215,818	11,643,239	95,792,703	12,545,000	(725,970,999)	—
Total amount of Preferred Shares (RMB’000)	808,601	169,750	449,130	26,787	41,196	35,822	309,984	36,977	(1,878,247)	—

Significant Accounting Policies - Equity method investments and Revenue recognition (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)
Revenue recognition
Impairment of equity method investment		¥ 0
Maximum economic benefit period from paid columns and online courses	1 year	1 year
Total revenues	$ 59,274	¥ 386,764	¥ 655,606	¥ 299,093
Contract assets		0	0
Revenue recognized included in contract liabilities balance at the beginning of the period		8,160	4,230	3,550
Online advertising services
Revenue recognition
Total revenues	26,484	172,811	283,426	173,783
Integrated marketing
Revenue recognition
Total revenues		133,599	250,344	40,017
Offline events
Revenue recognition
Total revenues		26,992	53,861	53,711
Consulting
Revenue recognition
Total revenues		32,622	15,264	6,510
Enterprise value-added services
Revenue recognition
Total revenues	29,611	193,213	319,469	100,238
Institutional investor subscription services
Revenue recognition
Total revenues		16,036	20,039	14,368
Enterprise subscription services
Revenue recognition
Total revenues		361	2,077
Individual subscription services
Revenue recognition
Total revenues		4,343	30,595	10,704
Subscription services
Revenue recognition
Total revenues	$ 3,179	¥ 20,740	¥ 52,711	¥ 25,072

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)
Cash flows from operating activities:
Net income/(loss)	$ (42,811)	¥ (279,342)	¥ (25,911)	¥ 40,518
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation of property and equipment	850	5,549	4,195	1,585
Amortization of intangible assets	8	49	36	18
Share-based compensation expenses	6,019	39,277	91,171	5,111
Non-cash operating lease expense	2,346	15,306
Allowance for doubtful accounts	19,479	127,100	10,004	2,570
Losses from disposal of property, equipment and software	16	103
Exchange (gains) /losses	16	104	40	(275)
Goodwill impairment	214	1,400
Property and equipment impairment	1,224	7,987
Fair value changes of short-term investments	(73)	(474)	(1,837)	(3,498)
Share of loss from equity method investments	3,602	23,502		2,794
Disposal gain on a subsidiary			(11,454)
Rental, interest and payroll expense contributed by a shareholder			242	1,298
Content cost contributed by a non-controlling shareholder				1,011
Deferred income tax	520	3,391	(3,085)	(252)
Changes in operating assets and liabilities:
Accounts receivable	16,577	108,162	(365,770)	(121,538)
Receivables due from related parties	692	4,517	6,403	(8,727)
Prepayments and other current assets	3,626	23,657	(34,522)	(6,950)
Accounts payable	(11,272)	(73,551)	119,135	9,779
Salary and welfare payables	(791)	(5,163)	14,561	24,619
Taxes payable	(2,533)	(16,525)	18,428	7,421
Deferred revenue	1,638	10,688	3,934	681
Amounts due to related parties	84	548	(1,979)	1,181
Accrued liabilities and other payables	296	1,946	17,472	(2,944)
Operating lease liabilities	(2,352)	(15,351)
Net cash used in operating activities	(2,625)	(17,125)	(158,937)	(45,598)
Cash flows from investing activities:
Purchase of property and equipment	(335)	(2,186)	(4,639)	(16,402)
Purchase of intangible assets	(25)	(164)	(137)	(273)
Purchase of short-term investments	(94,092)	(613,952)	(817,450)	(544,601)
Proceeds from maturities of short-term investments	84,666	552,444	878,376	504,982
Placement of time deposits	(20,833)	(135,934)
Withdraw of time deposits	20,833	135,934
Cash consideration paid for purchase of subsidiaries, net of cash acquired	(66)	(431)
Investment in equity method investment			(42,417)
Net cash paid upon disposal of a subsidiary			(4,005)
Cash received from disposal of a equity investee			157
Net cash (used in)/provided by investing activities	(9,852)	(64,289)	9,885	(56,294)
Cash flows from financing activities:
Proceeds from initial public offering, net of issuance costs	(3,314)	(21,617)	109,045
Proceeds from employee options exercised	1	8
Proceeds from loans provided by a third party			8,266
Repayments of loans provided by a third party			(8,483)
Repayments of loans provided by a shareholder				(979)
Proceeds from issuance of Series C1 preferred shares				100,000
Proceeds from issuance of Series D preferred shares, net of issuance cost			169,750
Share repurchase	(1,800)	(11,748)	(2,333)
Cash paid to acquire a non-controlling interest			(4,803)
Proceeds from issuance of convertible redeemable preferred shares to non-controlling shareholders				5,695
Capital injection from non-controlling interest shareholders	80	520	6,895
Net cash provided by/(used in) financing activities	(5,033)	(32,837)	278,337	104,716
Effect of exchange rate changes on cash, and cash equivalents held in foreign currencies	(426)	(2,780)	(376)	501
Net increase/(decrease) in cash, cash equivalents and restricted cash	(17,936)	(117,031)	128,909	3,325
Cash, cash equivalents and restricted cash at beginning of the year	27,261	177,877	48,968	45,643
Cash, cash equivalents and restricted cash at end of the year	9,325	60,846	177,877	48,968
Supplemental disclosures of cash flow information:
Cash paid for income taxes, net of tax refund	(2,080)	(13,570)	(17,538)	(11,944)
Cash paid for interest expense			(78)	(92)
Supplemental schedule of non-cash investing and financing activities:
Property and equipment purchases financed by other payable	$ 17	¥ 111	122	123
Rental, interest and payroll expense contributed by a shareholder			242	1,298
Content cost contributed by a non-controlling shareholder				1,011
Accretions of convertible redeemable preferred shares to redemption value			449,130	120,060
Accretion on redeemable non-controlling interests to redemption value			1,808	¥ 1,025
Re-designation of Series A-1 into Series B-3 convertible redeemable preferred shares			26,787
Re-designation of ordinary shares into Series B-3 convertible redeemable preferred shares			41,196
Re-designation of ordinary shares into Series B-4 convertible redeemable preferred shares			35,822
Re-designation of ordinary shares into Series A-1, A-2, B-1, B-2, B-3, and issuance of Series A-1, A-2, B-1, B-2, B-3 preferred shares			309,984
Re-designation of ordinary shares into Series C-2 convertible redeemable preferred shares			36,977
Re-designation of Preferred Shares into Class A ordinary shares upon initial public offering			1,878,247
Accrued listing expense for the initial public offering			¥ 22,807

Ordinary Shares (Details) $ / shares in Units, $ in Thousands			1 Months Ended										4 Months Ended	12 Months Ended
	Nov. 08, 2019 $ / shares shares	Nov. 07, 2019 shares	Aug. 31, 2019 shares	Apr. 30, 2019 shares	Mar. 31, 2019 shares	Dec. 31, 2016 ¥ / shares shares	Nov. 30, 2016 ¥ / shares shares	May 31, 2016 ¥ / shares shares	Mar. 31, 2016 ¥ / shares shares	Sep. 30, 2015 ¥ / shares shares	Jun. 30, 2012 ¥ / shares shares	Nov. 30, 2011 ¥ / shares shares	Jan. 31, 2018 ¥ / shares shares	Dec. 31, 2020 Vote $ / shares shares	Dec. 31, 2019 $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2017 shares
Ordinary Shares
Authorized share capital \| $																$ 50,000
authorized share capital (in shares)			5,000,000,000													500,000,000
Par value (in US dollar per share) \| $ / shares														$ 0.0001	$ 0.0001	$ 0.0001
Re-designation of ordinary shares into Class A and Class B ordinary shares upon initial public offering (in shares)		96,082,700
Preferred shares conversion ratio		1
Shares issued (in shares)																1
Ordinary shares, shares authorized (in shares)			4,326,574,000
Ordinary shares, shares issued (in shares)			189,388,000
Ordinary shares, shares outstanding (in shares)			189,388,000
Shares issuable in connection to vested restricted share units (in shares)			63,567,850
Convertible redeemable preferred shares, shares outstanding (in shares)						483,347,240										548,774,240
2019 Incentive Plan
Ordinary Shares
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued														36,281,400	61,006,382
Ordinary shares
Ordinary Shares
Re-designation of ordinary shares into Class A and Class B ordinary shares upon initial public offering (in shares)															(237,849,382)
Share repurchase (in shares)															(2,561,468)
IPO
Ordinary Shares
Issuance price per share (in US dollar per share) \| $ / shares	$ 14.50
Ordinary shares increased results of conversion rate	44,521
IPO \| ADS
Ordinary Shares
New issuance (in shares)	1,380,000
Issuance price per share (in US dollar per share) \| $ / shares	$ 14.50
Series A-1 Convertible Redeemable Preferred Stock
Ordinary Shares
Convertible redeemable preferred shares, shares authorized (in shares)			65,307,000
Convertible redeemable preferred shares, shares issued (in shares)			65,307,000
Convertible redeemable preferred shares, shares outstanding (in shares)			65,307,000											10,027,455		62,273,127	62,273,127
New issuance (in shares)			65,307,000									62,273,127
Issuance price per share (in US dollar per share) \| ¥ / shares												¥ 0.01
Series A-2 Convertible Redeemable Preferred Stock
Ordinary Shares
Convertible redeemable preferred shares, shares authorized (in shares)			101,261,000
Convertible redeemable preferred shares, shares issued (in shares)			101,261,000
Convertible redeemable preferred shares, shares outstanding (in shares)			101,261,000													81,008,717	81,008,717
New issuance (in shares)			101,261,000								81,008,717
Issuance price per share (in US dollar per share) \| ¥ / shares											¥ 0.06
Series B-1 Convertible Redeemable Preferred Stock
Ordinary Shares
Convertible redeemable preferred shares, shares authorized (in shares)			250,302,000
Convertible redeemable preferred shares, shares issued (in shares)			250,302,000
Convertible redeemable preferred shares, shares outstanding (in shares)			250,302,000													200,241,529	200,241,529
New issuance (in shares)			250,302,000							200,241,529
Issuance price per share (in US dollar per share) \| ¥ / shares										¥ 1.24
Series B-2 Convertible Redeemable Preferred Stock
Ordinary Shares
Convertible redeemable preferred shares, shares authorized (in shares)			14,593,000
Convertible redeemable preferred shares, shares issued (in shares)			14,593,000
Convertible redeemable preferred shares, shares outstanding (in shares)			14,593,000													11,674,379	11,674,379
New issuance (in shares)			14,593,000					11,674,379
Issuance price per share (in US dollar per share) \| ¥ / shares								¥ 3.21
Series B-3 Convertible Redeemable Preferred Stock
Ordinary Shares
Convertible redeemable preferred shares, shares authorized (in shares)			56,105,000
Convertible redeemable preferred shares, shares issued (in shares)			56,105,000
Convertible redeemable preferred shares, shares outstanding (in shares)			56,105,000											10,027,455		19,361,727	19,361,727
New issuance (in shares)			56,105,000	17,215,818	10,027,455		7,220,212			12,141,515
Issuance price per share (in US dollar per share) \| ¥ / shares							¥ 3.12			¥ 1.24
Series B-4 Convertible Redeemable Preferred Stock
Ordinary Shares
Convertible redeemable preferred shares, shares authorized (in shares)			20,982,000
Convertible redeemable preferred shares, shares issued (in shares)			20,982,000
Convertible redeemable preferred shares, shares outstanding (in shares)			20,982,000													9,338,761	9,338,761
New issuance (in shares)			20,982,000	11,643,239		2,334,688			7,004,073
Issuance price per share (in US dollar per share) \| ¥ / shares						¥ 3.21			¥ 3.21
Series C-1 Convertible Redeemable Preferred Stock
Ordinary Shares
Convertible redeemable preferred shares, shares authorized (in shares)			164,876,000
Convertible redeemable preferred shares, shares issued (in shares)			164,876,000
Convertible redeemable preferred shares, shares outstanding (in shares)			164,876,000													164,876,000
New issuance (in shares)			164,876,000										164,876,000
Issuance price per share (in US dollar per share) \| ¥ / shares													¥ 1.53
Class A ordinary shares
Ordinary Shares
Par value (in US dollar per share) \| $ / shares	$ 0.0001													$ 0.0001	$ 0.0001
Ordinary shares conversion ratio		1
Ordinary shares, shares authorized (in shares)														4,903,917,300	4,903,917,300
Ordinary shares, shares issued (in shares)														884,846,745	841,275,820
Ordinary shares, shares outstanding (in shares)														871,850,620	841,275,820
Number of shares of common stock outstanding, excluding shares issued to the depositary bank for bulk issuance of ADSs reserved for future issuances upon the exercise of awards granted under the 2019 Incentive Plan														864,893,195
Ordinary shares issued to the depositary bank for bulk issuance of ADSs														6,957,425
Number of votes per share \| Vote														1
Class A ordinary shares \| Ordinary shares
Ordinary Shares
Re-designation of ordinary shares into Class A and Class B ordinary shares upon initial public offering (in shares)															141,766,682
New issuance (in shares)															34,500,000
Share repurchase (in shares)														(12,996,125)
Class A ordinary shares \| IPO
Ordinary Shares
New issuance (in shares)	34,500,000
Number of shares issued on conversion	40,044,520
Class B ordinary shares
Ordinary Shares
Par value (in US dollar per share) \| $ / shares	$ 0.0001													$ 0.0001	$ 0.0001
Ordinary shares conversion ratio		1
Ordinary shares, shares authorized (in shares)														96,082,700	96,082,700
Ordinary shares, shares issued (in shares)														96,082,700	96,082,700
Ordinary shares, shares outstanding (in shares)														96,082,700	96,082,700
Number of votes per share \| Vote														25
Class B ordinary shares \| Ordinary shares
Ordinary Shares
Re-designation of ordinary shares into Class A and Class B ordinary shares upon initial public offering (in shares)															96,082,700

Subsequent Event	12 Months Ended
Subsequent Event	Dec. 31, 2020
Subsequent Event
Subsequent Event	22. Subsequent Event Investment in Beijing Sharetimes Technology Co., Ltd. (“Sharetimes”) On March 18, 2021, the Group entered into an investment agreement with Sharetimes, which primarily engages in operating of virtual intellectual property license of a series of cartoons and movie stars. Pursuant to this agreement, the Group subscribed 420,876 newly issued shares with total consideration of RMB 30.0 million, which was paid on March 19, 2021. After the subscription, the Group owned 1.64% equity interests of Sharetimes. The Group has no significant influence over Sharetimes. Change in key management On March 31, 2021, the Group announced that Ms. Jihong Liang decided to resign from her roles as the Group’s chief financial officer, director and member of the compensation committee, effective immediately, for personal reasons. The Group appointed Mr. Xiang Li as acting chief financial officer, effective April 1, 2021 while the Board proactively searches for a replacement. Mr. Li joined 36Kr in 2016. He served as a financial director before this appointment and involved in the Company’s financial reporting and financing activities. The Group’s Board also appointed Mr. Hao Lan as a director, effective April 1, 2021.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2020
Commitments and Contingencies
Commitments and Contingencies	18. Commitments and Contingencies (a) Commitments Operating lease commitments The Group leases offices and fulfillment infrastructures under non-cancelable operating lease agreements. Future minimum lease payments under these non-cancelable operating lease agreements with initial terms longer than twelve months are disclosed as maturity of lease liabilities in Note 11. Capital and other commitments The Group did not have material capital and other commitments as of December 31, 2020. (b) Litigation In the ordinary course of the business, the Group is subject to periodic legal or administrative proceedings. As of December 31, 2020, the Group is not a party to any legal or administrative proceedings, which the Group expects would have a material adverse effect on the Group’s business, financial position, results of operations and cash flows.

Leases - non-cancelable operating lease agreement (Details) - Dec. 31, 2020 ¥ in Thousands, $ in Thousands	USD ($)	CNY (¥)
Supplemental information related to operating leases
Operating lease right-of-use assets, net	$ 4,194	¥ 27,365
Operating lease liabilities-current	(2,319)	(15,132)
Operating lease liabilities-non-current	$ (1,904)	(12,426)
Total operating lease liabilities		¥ (27,558)
Weighted average remaining lease term	2 years 7 days	2 years 7 days
Weighted average discount rate	4.75%	4.75%

Leases - operating leases (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)
Lease cost
Operating lease cost	$ 2,346	¥ 15,306
Short-term lease cost		675
Total (*)		(15,981)
Non-cash operating lease expense		¥ (15,634)
Lease expenses based on ASC 840			¥ 16,210	¥ 10,250

Condensed Financial Information of the Company (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information of the Company

Condensed Balance Sheet


	December 31,	December 31,	December 31,
	2019	2020	2020
	RMB’000	RMB’000	US$’000
			(Note 2 e)
Current assets:
Cash and cash equivalents	159,038	48,510	7,435
Receivables due from related parties	28	29	4
Prepayments and other current assets	109	181	27
Non‑current assets:
Investments in subsidiaries, VIE and subsidiaries of VIE	511,340	351,816	53,917
Total assets	670,515	400,536	61,383
Current liabilities:
Amount due to inter-company entities	15,761	14,762	2,261
Accrued liabilities and other payables	17,545	4,953	759
Total liabilities	33,306	19,715	3,020
Commitments and Contingencies (Note 18)
Shareholders' equity:
Class A ordinary shares (US$0.0001 par value per share; 4,903,917,300 shares authorized, 841,275,820 shares issued and outstanding as of December 31, 2019; 4,903,917,300 shares authorized, 884,846,745 shares issued and 871,850,620 shares outstanding as of December 31, 2020)	613	621	95
Class B ordinary shares (US$0.0001 par value per share; 96,082,700 shares authorized, 96,082,700 shares issued and outstanding as of December 31, 2019 and 2020, respectively)	66	66	10
Additional paid-in capital	2,000,267	2,040,693	312,750
Treasury stock (US$ 0.0001 par value; 2,561,468 shares and 15,557,593 shares as of December 31, 2019 and 2020, respectively)	(2,333)	(14,081)	(2,158)
Accumulated deficit	(1,358,350)	(1,638,581)	(251,124)
Accumulated other comprehensive loss	(3,054)	(7,897)	(1,210)
Total 36Kr Holdings Inc.'s shareholders’ equity	637,209	380,821	58,363
Total liabilities and shareholders’ equity	670,515	400,536	61,383

Condensed Statement of Operations and Comprehensive Loss


	For the year ended December 31,
	2019	2020	2020
	RMB’000	RMB’000	US$’000
			(Note 2 e)
Operating expenses:
Sales and marketing expenses	—	(55)	(8)
General and administrative expenses	(2,435)	(9,439)	(1,447)
Total operating expenses	(2,435)	(9,494)	(1,455)
Loss from operations	(2,435)	(9,494)	(1,455)
Other income/(expenses):
Share of loss from subsidiaries, VIE and subsidiaries of VIE	(23,797)	(272,297)	(41,732)
Interest income	484	983	151
Interest expense	(73)	(14)	(2)
Others, net	66	591	91
Loss before income tax	(25,755)	(280,231)	(42,947)
Income tax expense	—	—	—
Net loss	(25,755)	(280,231)	(42,947)
Accretion on redeemable non-controlling interests to redemption value	(1,808)	—	—
Accretion of convertible redeemable preferred shares to redemption value	(449,130)	—	—
Re-designation of Series A-1 into Series B-3 convertible redeemable preferred shares	(26,787)	—	—
Re-designation of ordinary shares into Series A-1, A-2, B-1, B-2, B-3 convertible redeemable preferred shares, and issuance of Series A-1, A-2, B-1, B-2, B-3 convertible redeemable preferred shares	(309,984)	—	—
Re-designation of ordinary shares into Series C-2 convertible redeemable preferred shares	(36,977)	—	—
Net loss attributable to 36Kr Holdings Inc.’s ordinary shareholders	(850,441)	(280,231)	(42,947)

Condensed Statement of Cash Flows


	For the year ended December 31,
	2019	2020	2020
	RMB’000	RMB’000	US$’000
			(Note 2 e)
Net cash used in operating activities	(1,604)	(3,298)	(505)
Net cash used in investing activities	(123,599)	(77,536)	(11,883)
Net cash provided by/(used in) financing activities	284,489	(27,360)	(4,193)
Effect of exchange rate changes on cash, and cash equivalents held in foreign currencies	(248)	(2,334)	(358)
Net increase/(decrease) in cash and cash equivalents	159,038	(110,528)	(16,939)
Cash and cash equivalents at beginning of the year	—	159,038	24,374
Cash and cash equivalents at end of the year	159,038	48,510	7,435

Related Party Transactions (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)
Related Party Transactions
Amounts due to related parties				$ 84	¥ 548
Due from related parties		¥ 4,615		$ 15	98
Venture Glory
Related Party Transactions
Purchases from related party	¥ 3,000		¥ 2,800
Amounts due to related parties		0			0
Revenue from transactions with related party	800	5,000	¥ 1,000
Due from related parties		2,000			58
Jijingzhiyu
Related Party Transactions
Purchases from related party	1,400
Amounts due to related parties					¥ 500
36Kr Global Holding
Related Party Transactions
Expenses from transactions with related party	¥ 1,500
Due from related parties		¥ 1,700

Convertible Redeemable Preferred Shares - Preferred Shares activities (Details) ¥ in Thousands	1 Months Ended	12 Months Ended			24 Months Ended
	Sep. 30, 2019 shares	Dec. 31, 2019 CNY (¥) shares	Dec. 31, 2018 USD ($) shares	Dec. 31, 2018 CNY (¥) shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2020 CNY (¥) shares
Convertible Redeemable Preferred Shares
Balance at beginning of year		¥ 808,601		¥ 588,541		¥ 808,601
Balance at the beginning of the year (in shares) \| shares		548,774,240			548,774,240	548,774,240
Issuance of Preferred Shares				¥ 100,000	$ 39,999,999	¥ 169,750
Issuance of Preferred Shares (in shares) \| shares			65,427,000	65,427,000
Accretions of Preferred Shares to redemption value				¥ 120,060		¥ 449,130
Re-designation of Series A-1 into Series B-3 preferred shares		¥ (26,787)
Re-designation of Series A-1 into Series B-3 preferred shares (in shares) \| shares					26,787,000	26,787,000
Re-designation of ordinary shares into Series B-3 convertible redeemable preferred shares		41,196				¥ 41,196
Re-designation of ordinary shares into Series B-3 preferred shares (in shares) \| shares					17,215,818	17,215,818
Re-designation of ordinary shares into Series B-4 convertible redeemable preferred shares		35,822				¥ 35,822
Re-designation of ordinary shares into Series B-4 preferred shares (in shares) \| shares					11,643,239	11,643,239
Re-designation of ordinary shares into Series A-1, A-2, B-1, B-2, B-3, and issuance of Series A-1, A-2, B-1, B-2, B-3 preferred shares		309,984				¥ 309,984
Re-designation of ordinary shares into Series A-1, A-2, B-1, B-2, B-3 preferred shares, and issuance of Series A-1, A-2, B-1, B-2, B-3 preferred shares (in shares) \| shares					95,792,703	95,792,703
Re-designation of ordinary shares into Series C-2 convertible redeemable preferred shares		36,977				¥ 36,977
Re-designation of ordinary shares into Series C-2 preferred shares (in shares) \| shares					12,545,000	12,545,000
Conversion and re-designation of Pre-IPO Preferred Shares						¥ (1,878,247)
Conversion and re-designation of Pre-IPO Preferred Shares (in shares) \| shares					(725,970,999)	(725,970,999)
Balance at end of year				¥ 808,601
Balance at the end of the year (in shares) \| shares			548,774,240	548,774,240
Series A-1 Convertible Redeemable Preferred Stock
Convertible Redeemable Preferred Shares
Balance at beginning of year		¥ 681		¥ 681		¥ 681
Balance at the beginning of the year (in shares) \| shares	65,307,000	62,273,127	62,273,127	62,273,127	62,273,127	62,273,127
Re-designation of Series A-1 into Series B-3 preferred shares						¥ (110)
Re-designation of ordinary shares into Series A-1, A-2, B-1, B-2, B-3, and issuance of Series A-1, A-2, B-1, B-2, B-3 preferred shares						¥ (41,233)
Re-designation of ordinary shares into Series A-1, A-2, B-1, B-2, B-3 preferred shares, and issuance of Series A-1, A-2, B-1, B-2, B-3 preferred shares (in shares) \| shares					13,061,328	13,061,328
Conversion and re-designation of Pre-IPO Preferred Shares						¥ (41,804)
Conversion and re-designation of Pre-IPO Preferred Shares (in shares) \| shares					(65,307,000)	(65,307,000)
Balance at end of year				¥ 681
Balance at the end of the year (in shares) \| shares			62,273,127	62,273,127	10,027,455	10,027,455
Series A-2 Convertible Redeemable Preferred Stock
Convertible Redeemable Preferred Shares
Balance at beginning of year		¥ 13,500		¥ 12,169		¥ 13,500
Balance at the beginning of the year (in shares) \| shares	101,261,000	81,008,717	81,008,717	81,008,717	81,008,717	81,008,717
Accretions of Preferred Shares to redemption value				¥ 1,331
Re-designation of ordinary shares into Series A-1, A-2, B-1, B-2, B-3, and issuance of Series A-1, A-2, B-1, B-2, B-3 preferred shares						¥ (63,994)
Re-designation of ordinary shares into Series A-1, A-2, B-1, B-2, B-3 preferred shares, and issuance of Series A-1, A-2, B-1, B-2, B-3 preferred shares (in shares) \| shares					20,252,283	20,252,283
Conversion and re-designation of Pre-IPO Preferred Shares						¥ (77,494)
Conversion and re-designation of Pre-IPO Preferred Shares (in shares) \| shares					(101,261,000)	(101,261,000)
Balance at end of year				¥ 13,500
Balance at the end of the year (in shares) \| shares			81,008,717	81,008,717
Series B-1 Convertible Redeemable Preferred Stock
Convertible Redeemable Preferred Shares
Balance at beginning of year		¥ 388,145		¥ 296,857		¥ 388,145
Balance at the beginning of the year (in shares) \| shares	250,302,000	200,241,529	200,241,529	200,241,529	200,241,529	200,241,529
Accretions of Preferred Shares to redemption value				¥ 91,288		¥ 363,100
Re-designation of ordinary shares into Series A-1, A-2, B-1, B-2, B-3, and issuance of Series A-1, A-2, B-1, B-2, B-3 preferred shares						¥ (163,340)
Re-designation of ordinary shares into Series A-1, A-2, B-1, B-2, B-3 preferred shares, and issuance of Series A-1, A-2, B-1, B-2, B-3 preferred shares (in shares) \| shares					50,060,471	50,060,471
Conversion and re-designation of Pre-IPO Preferred Shares						¥ (914,585)
Conversion and re-designation of Pre-IPO Preferred Shares (in shares) \| shares					(250,302,000)	(250,302,000)
Balance at end of year				¥ 388,145
Balance at the end of the year (in shares) \| shares			200,241,529	200,241,529
Series B-2 Convertible Redeemable Preferred Stock
Convertible Redeemable Preferred Shares
Balance at beginning of year		¥ 45,000		¥ 45,000		¥ 45,000
Balance at the beginning of the year (in shares) \| shares	14,593,000	11,674,379	11,674,379	11,674,379	11,674,379	11,674,379
Accretions of Preferred Shares to redemption value						¥ 1,722
Re-designation of ordinary shares into Series A-1, A-2, B-1, B-2, B-3, and issuance of Series A-1, A-2, B-1, B-2, B-3 preferred shares						¥ (10,044)
Re-designation of ordinary shares into Series A-1, A-2, B-1, B-2, B-3 preferred shares, and issuance of Series A-1, A-2, B-1, B-2, B-3 preferred shares (in shares) \| shares					2,918,621	2,918,621
Conversion and re-designation of Pre-IPO Preferred Shares						¥ (53,322)
Conversion and re-designation of Pre-IPO Preferred Shares (in shares) \| shares					(14,593,000)	(14,593,000)
Balance at end of year				¥ 45,000
Balance at the end of the year (in shares) \| shares			11,674,379	11,674,379
Series B-3 Convertible Redeemable Preferred Stock
Convertible Redeemable Preferred Shares
Balance at beginning of year		¥ 48,016		¥ 45,000		¥ 48,016
Balance at the beginning of the year (in shares) \| shares	56,105,000	19,361,727	19,361,727	19,361,727	19,361,727	19,361,727
Accretions of Preferred Shares to redemption value				¥ 3,016		¥ 57,521
Re-designation of Series A-1 into Series B-3 preferred shares						26,897
Re-designation of ordinary shares into Series B-3 convertible redeemable preferred shares						¥ 41,196
Re-designation of ordinary shares into Series B-3 preferred shares (in shares) \| shares					17,215,818	17,215,818
Re-designation of ordinary shares into Series A-1, A-2, B-1, B-2, B-3, and issuance of Series A-1, A-2, B-1, B-2, B-3 preferred shares						¥ (31,373)
Re-designation of ordinary shares into Series A-1, A-2, B-1, B-2, B-3 preferred shares, and issuance of Series A-1, A-2, B-1, B-2, B-3 preferred shares (in shares) \| shares					9,500,000	9,500,000
Conversion and re-designation of Pre-IPO Preferred Shares						¥ (205,003)
Conversion and re-designation of Pre-IPO Preferred Shares (in shares) \| shares					(56,105,000)	(56,105,000)
Balance at end of year				¥ 48,016
Balance at the end of the year (in shares) \| shares			19,361,727	19,361,727	10,027,455	10,027,455
Series B-4 Convertible Redeemable Preferred Stock
Convertible Redeemable Preferred Shares
Balance at beginning of year		¥ 36,000		¥ 36,000		¥ 36,000
Balance at the beginning of the year (in shares) \| shares	20,982,000	9,338,761	9,338,761	9,338,761	9,338,761	9,338,761
Accretions of Preferred Shares to redemption value						¥ 4,845
Re-designation of ordinary shares into Series B-4 convertible redeemable preferred shares						¥ (35,822)
Re-designation of ordinary shares into Series B-4 preferred shares (in shares) \| shares					11,643,239	11,643,239
Conversion and re-designation of Pre-IPO Preferred Shares						¥ (76,667)
Conversion and re-designation of Pre-IPO Preferred Shares (in shares) \| shares					(20,982,000)	(20,982,000)
Balance at end of year				¥ 36,000
Balance at the end of the year (in shares) \| shares			9,338,761	9,338,761
Series C-1 Convertible Redeemable Preferred Stock
Convertible Redeemable Preferred Shares
Balance at beginning of year		¥ 277,259	$ 99,449,000	¥ 152,834		¥ 277,259
Balance at the beginning of the year (in shares) \| shares	164,876,000	164,876,000			164,876,000	164,876,000
Issuance of Preferred Shares				¥ 100,000
Issuance of Preferred Shares (in shares) \| shares			65,427,000	65,427,000
Accretions of Preferred Shares to redemption value				¥ 24,425		¥ 23,534
Conversion and re-designation of Pre-IPO Preferred Shares						¥ (300,793)
Conversion and re-designation of Pre-IPO Preferred Shares (in shares) \| shares					(164,876,000)	(164,876,000)
Balance at end of year				¥ 277,259
Balance at the end of the year (in shares) \| shares			164,876,000	164,876,000
Series C-2 Convertible Redeemable Preferred Stock
Convertible Redeemable Preferred Shares
Re-designation of ordinary shares into Series C-2 convertible redeemable preferred shares						¥ (36,977)
Re-designation of ordinary shares into Series C-2 preferred shares (in shares) \| shares					12,545,000	12,545,000
Conversion and re-designation of Pre-IPO Preferred Shares						¥ (36,977)
Conversion and re-designation of Pre-IPO Preferred Shares (in shares) \| shares					(12,545,000)	(12,545,000)
Series D Convertible Redeemable Preferred Stock
Convertible Redeemable Preferred Shares
Issuance of Preferred Shares						¥ 169,750
Issuance of Preferred Shares (in shares) \| shares	39,999,999				39,999,999	39,999,999
Accretions of Preferred Shares to redemption value						¥ 1,852
Conversion and re-designation of Pre-IPO Preferred Shares						¥ (171,602)
Conversion and re-designation of Pre-IPO Preferred Shares (in shares) \| shares					(39,999,999)	(39,999,999)

Nature of Operations and Reorganization - Reorganization and Initial Public Offering (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands				12 Months Ended
	Nov. 08, 2019 USD ($) $ / shares shares	Nov. 08, 2019 CNY (¥) shares	Aug. 02, 2019	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Reorganization
Proceeds from initial public offering, net of issuance costs				$ (3,314)	¥ (21,617)	¥ 109,045
IPO
Reorganization
Issuance price per share (in US dollar per share) \| $ / shares	$ 14.50
Proceeds from initial public offering, net of issuance costs	$ 12,330	¥ 86,240
IPO \| ADS
Reorganization
Share issuance upon initial public offering, net of issuance costs (in shares) \| shares	1,380,000	1,380,000
Issuance price per share (in US dollar per share) \| $ / shares	$ 14.50
IPO \| Class A ordinary shares
Reorganization
Share issuance upon initial public offering, net of issuance costs (in shares) \| shares	34,500,000	34,500,000
36Kr Holding Limited ("36Kr BVI" or "BVI Subsidiary")
Reorganization
Ownership interest (as a percent)			100.00%
Principal activities				Investment holding	Investment holding
36Kr Holdings (HK) Limited ("36Kr HK" or "HK Subsidiary")
Reorganization
Ownership interest (as a percent)			100.00%
Principal activities				Investment holding	Investment holding
Tianjin Duoke Investment Co., Ltd. ("Tianjin Duoke")
Reorganization
Ownership interest (as a percent)			100.00%
Principal activities				Investment holding	Investment holding
Beijing Dake
Reorganization
Ownership interest (as a percent)			100.00%
Principal activities				Management consulting	Management consulting
Beijing Duoke
Reorganization
Percentage of ownership in VIEs			100.00%
Principal activities				36Kr Business	36Kr Business
Tianjin Thirtysix Hearts Technology Co., Ltd.
Reorganization
Percentage of ownership in VIEs			100.00%
Principal activities				Offline training	Offline training
Beijing Dianqier Creative Interactive Media Culture Co., Ltd. ("Dianqier")
Reorganization
Percentage of ownership in VIEs			100.00%
Principal activities				Enterprise value‑added services	Enterprise value‑added services
Zhejiang Pinxin Technology Co., Ltd.
Reorganization
Percentage of ownership in VIEs			100.00%
Principal activities				Investment holding	Investment holding
Tianjin Dake Information Technology Co., Ltd. ("Tianjin Dake")
Reorganization
Ownership interest (as a percent)			100.00%
Principal activities				Management consulting	Management consulting

Income Taxes - Income tax rates (Details)	12 Months Ended
Income Taxes - Income tax rates (Details)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income taxes
Income tax rate	25.00%	25.00%	25.00%
Hong Kong
Income taxes
Income tax rate	16.50%
Hong Kong \| first HK$2 million
Income taxes
Income tax rate	8.25%
Hong Kong \| in excess of HK$2 million
Income taxes
Income tax rate	16.50%
PRC
Income taxes
Enterprise income tax rate	25.00%
Preferential tax rate as High and New Technology Enterprises	15.00%

Ordinary Shares	12 Months Ended
Ordinary Shares	Dec. 31, 2020
Ordinary Shares
Ordinary Shares	12. Ordinary Shares In December 2018, the Company was incorporated as a limited liability company with authorized share capital of US$50,000 divided into 500,000,000 shares with par value US$0.0001 each. One ordinary share was issued upon inception. In August 2019, the shareholders of the Company agreed to increase the authorized shares to 5,000,000,000 shares. As described in Note 1 (b), the Company issued ordinary shares and preferred shares in August 2019 to the ordinary shareholders and preferred shareholders of Beijing Duoke and Xieli as consideration to swap for the respective similar equity interests that they held in Beijing Duoke. Upon the completion of the Reorganization in August 2019, authorized ordinary shares are 4,326,574,000, of which issued and outstanding ordinary shares were 189,388,000 and issuable shares in connection to the vested restricted share units were 63,567,850, and the authorized, issued and outstanding Series A‑1, A‑2, B‑1, B‑2, B‑3, B‑4 and C‑1 preferred shares were 65,307,000, 101,261,000, 250,302,000, 14,593,000, 56,105,000, 20,982,000 and 164,876,000, respectively. On November 8, 2019, the Company completed an Initial Public Offering (IPO) with new issuance of totaling 34,500,000 Class A ordinary shares, representing 1,380,000 ADS, at a price of US$14.5 per ADS. Immediately upon the completion of the IPO, the Company adopted a dual-class share structure, consisting of Class A ordinary shares and Class B ordinary shares, with par value US$0.0001 per share. 96,082,700 ordinary shares, held by the founders were re-designated into Class B ordinary shares on a one-for-one basis, the remaining ordinary share were re-designated into Class A ordinary shares on a one-for-one basis, and the issued and outstanding preferred shares, including Series A-1, A-2, B-1,B-2,B-3, C-1 and C-2, were automatically converted and re-designated into Class A ordinary shares on a one-for-one basis immediately prior to the completion of the IPO, and Series D preferred shares were converted into 40,044,520 of Class A ordinary shares immediately upon the completion of the IPO, reflecting the anti-dilution adjustments to the conversion rate based on the initial public offering price of US$14.50 per ADS, which resulted in an increase in ordinary shares of 44,521 for these Series D preferred shares. Each Class A ordinary share is entitled to one vote per share and each Class B ordinary share is entitled to twenty-five votes per share. Each Class B ordinary share can be converted into one Class A ordinary share at any time, while Class A ordinary shares cannot be converted into Class B ordinary shares. The Company concluded that the adoption of dual-class share structure did not have a material impact on its consolidated financial statements. There were 841,275,820 and 96,082,700 Class A and Class B ordinary shares issued and outstanding, respectively, as of December 31, 2019. There were 884,846,745 and 96,082,700 Class A and Class B ordinary shares issued, respectively, as of December 31, 2020, and 864,893,195 Class A (excluding 6,957,425 Class A ordinary shares issued to the depositary bank for bulk issuance of ADSs reserved for future issuances upon the exercise of awards granted under the 2019 Incentive Plan) and 96,082,700 Class B ordinary shares outstanding, respectively, as of December 31, 2020. In addition, the outstanding ordinary shares also included 61,006,382 and 36,281,400 share options under the 2019 incentive plan as of December 31, 2019 and 2020, which were deemed as ordinary shares from accounting's perspective as they were granted on September 7, 2019 to replace vested restricted share units of the same amount under the 2014 and 2016 incentive plan, and those vested restricted share units had been deemed as ordinary shares previously. The details are set forth in Note 16 Share-based Compensation.

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Significant Accounting Policies

Schedule of assets and liabilities measured at fair value on a recurring basis

As of December 31, 2019


				Balance at
Assets	Level 1	Level 2	Level 3	fair value
	RMB’000	RMB’000	RMB’000	RMB’000
Short‑term investments — Wealth management products	—	86,362	—	86,362

As of December 31, 2020


				Balance at
Assets	Level 1	Level 2	Level 3	fair value
	RMB’000	RMB’000	RMB’000	RMB’000
Short‑term investments — Wealth management products	—	148,344	—	148,344

Schedule of estimated useful lives of property and equipment, net


		Estimated useful life
Electronic equipment and computers		3 to 5 years
Office furniture and equipment		3 years
Leasehold improvement		Lesser of the term of the lease or the estimated useful lives of the leasehold improvement

Schedule of revenue disaggregated by the major service lines


	For the year ended December 31,
	2018	2019	2020
	RMB’000	RMB’000	RMB’000
Online advertising services	173,783	283,426	172,811
Enterprise value‑added services
Integrated marketing	40,017	250,344	133,599
Offline events	53,711	53,861	26,992
Consulting	6,510	15,264	32,622
Revenue for Enterprise value‑added services	100,238	319,469	193,213
Subscription services
Institutional investor subscription services	14,368	20,039	16,036
Enterprise subscription services	—	2,077	361
Individual subscription services	10,704	30,595	4,343
Revenue for Subscription services	25,072	52,711	20,740
Total revenue	299,093	655,606	386,764

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2020

Property and Equipment, net

Schedule of property and equipment


	December 31,	December 31,
	2019	2020
	RMB’000	RMB’000
Electronic equipment and computers	16,274	16,502
Office furniture and equipment	2,130	2,398
Leasehold improvement	4,191	4,645
Total	22,595	23,545
Less: accumulated depreciation	(6,631)	(11,617)
Less: impairment	—	(7,987)
Property and equipment, net	15,964	3,941