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New York |
Paris |
Davis Polk & Wardwell LLP 2201 China World Office 2 |
美 国 达 维 律 师 事 务 所 北京市朝阳区建国门外大街1号 |
86 10 8567 5000 tel 86 10 8567 5123 fax |
September 30, 2019
Re: 36Kr Holdings Inc. (CIK No. 0001779476)
Responses to the Staffs Comments on the Draft Registration Statement on Form F-1 Confidentially Submitted on September 6, 2019
Confidential
Ms. Amanda Kim
Mr. Craig Wilson
Mr. Matthew Crispino
Ms. Barbara C. Jacobs
Office of Information Technologies and Services
Division of Corporation Finance
U.S. Securities and Exchange Commission
100 F Street, NE
Washington, D.C. 20549
Dear Ms. Amanda Kim, Mr. Craig Wilson, Mr. Matthew Crispino and Ms. Barbara C. Jacobs:
On behalf of our client, 36Kr Holdings Inc., an exempted company incorporated under the laws of the Cayman Islands (the Company), we submit to the staff (the Staff) of the Securities and Exchange Commission (the Commission) this letter setting forth the Companys responses to the comments contained in the Staffs letter dated September 18, 2019 on the Companys draft registration statement on Form F-1 confidentially submitted on September 6, 2019 (the Draft Registration Statement). Concurrently with the submission of this letter, the Company is submitting its revised draft registration statement on Form F-1 (the Revised Draft Registration Statement) and certain exhibits via EDGAR to the Commission for confidential review in accordance with the procedures of the Commission. The Company confirms that its securities have not been previously sold pursuant to an effective registration statement under the Securities Act of 1933, as amended. The Company also confirms that it will publicly file the registration statement previously submitted on a confidential basis at least 15 days prior to any road show in connection with the offering. On behalf of the Company, we wish to thank you and other members of the staff of the Commission (the Staff) for your prompt response to the Companys request for comments.
To facilitate your review, we have separately delivered to you today four courtesy copies of the Revised Draft Registration Statement, marked to show changes to the Draft Registration Statement, and two copies of the submitted exhibits.
The Company has responded to all of the Staffs comments by revising the draft Registration Statement to address the comments, by providing an explanation if the Company has not so revised the draft Registration Statement, or by providing supplemental information as requested. The Staffs comments are repeated below in bold, followed by the Companys response to the comments as well as a summary of the responsive actions taken. We have included page numbers to refer to the location in the revised draft Registration Statement where the language addressing a particular comment appears.
In addition to revising the disclosure in response to the Staffs comments, the Company has also included other information and data to reflect recent developments.
Subject to the market conditions and the Staffs comments, the Company plans to request that the Staff declare the effectiveness of the Registration Statement in October 2019. The Company would greatly appreciate the Staffs continued assistance and support in meeting the timetable.
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Managements Discussion and Analysis of Financial Condition and Results of Operations
Key Operating Data, page 80
1. We note your response to prior comment 2 and your response to prior comment 6 in your letter dated August 14, 2019 that your Average Monthly Page View does not directly contribute to your Cost per Day and cost-per-advertisement models but does provide an indirect benefit that enhances your brand awareness and influence. Additionally, as you have adopted fixed rate pricing models, each additional page view does not directly result in a corresponding increase in online advertising revenue. Please clarify your disclosures of the Average Monthly Page View to include a discussion that will provide an understanding of these correlations.
In response to the Staffs comment, the Company has revised its disclosure on pages 14 and 81 of the Revised Draft Registration Statement.
Risk Factors
page 33
2. We note in your Risk Factors on page 33 that key operating metrics are calculated using your internal data as well as third-party platforms data, have not been validated by an independent third party, and may not be indicative of your future operation results and on page 18 that your business, prospects, and financial results may be affected by your relationship with third-party platforms. As such, the tabulation of page views between your self-operated platforms and
third party platforms included in your response to prior comment 6 of your letter dated August 14, 2019 would appear to be material information to investors that should be included to provide insight into your disclosed risks. Please revise or advise.
In response to the Staffs comment, the Company has revised its disclosure on page 120 of the Revised Draft Registration Statement, with the tabulation of page views between our self-operated platforms and third party platforms included.
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If you have any questions regarding this submission, please contact Li He at +852 2533-3306 (li.he@davispolk.com) or Ran Li at +86 10-8567-5013 (ran.li@davispolk.com), or Jihong Liang at +86 136-1122-3950 (liangjihong@36kr.com).
Thank you for your time and attention.
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Yours sincerely, |
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/s/ Li He |
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Li He |
cc: Mr. Dagang Feng, Chief Executive Officer
Ms. Jihong Liang, Chief Financial Officer
36Kr Holdings Inc.
Mr. Chris Lin
Simpson Thacher & Bartlett LLP