Core Insights - Hong Kong Exchanges and Clearing (HKEX) is currently leading the global IPO rankings, but CEO Bonnie Chan Yiting warns that fundraising activities may slow down due to geopolitical and economic risks [1][3] - Despite the caution, there is a strong pipeline of over 300 companies waiting to list on the HKEX, including the world's largest IPOs this year from Contemporary Amperex Technology (CATL) and Zijin Gold International [1][2][5] IPO Performance - In the first nine months of the year, 66 companies raised a total of US$23.27 billion on HKEX's main board, marking a 220% increase compared to the previous year [5] - CATL's IPO in May raised US$5.3 billion, while Zijin's fundraising last month amounted to HK$24.98 billion (US$3.2 billion) [2] Listing Trends - Approximately half of the listing applicants are classified as "new economy" companies, focusing on sectors such as electric vehicles, biotechnology, and AI [3] - HKEX, along with the Securities and Futures Commission, has implemented reforms to simplify the listing process, aiming to attract more international firms and specialized technology companies [4] Future Outlook - HKEX is positioned to reclaim the title of the world's annual IPO leader by 2025, supported by a robust pipeline of over 300 companies [5]

Overview - Bloomberg New Economy 评选出 2025 年 Bloomberg New Economy Catalysts [1] - 涉及健康、能源、农业、金融等多个领域 [1] Geography - 创新者来自非洲、亚洲、欧洲和北美洲 [1]

Core Insights - 36Kr Holdings Inc. has made significant progress towards profitability, showcasing improvements in cost optimization, profitability, and strategic growth initiatives during the first half of 2025 [1][2]. Financial Performance - Total revenues for the first half of 2025 reached RMB93.2 million, with online advertising contributing RMB74.5 million [3]. - Advertising revenue from AI/large-model offerings increased by over 50% year-over-year, while revenue from sub-vertical media channels for younger audiences grew by 30% year-over-year [3]. - Gross profit margin improved to 54.4%, up 10 percentage points year-over-year [3]. - Operating expenses decreased by 52.3% to RMB55.86 million compared to the same period in 2024 [4]. - Net loss narrowed significantly by 95% year-over-year, amounting to RMB4.8 million, marking the strongest performance in recent years [4]. Content Ecosystem and User Engagement - 36Kr's content ecosystem saw a 9.9% year-over-year increase in followers, reaching over 36.57 million [4]. - WeChat Channels followers surged by 69% year-over-year, while the "Waves" official account followers expanded by 44% year-over-year [4]. - Major events like the "WAVES" and the 2025 AI Partner Summit achieved over 100 million views [4]. AI and Industrial Services - The company has launched multiple AI tools, generating 993 AI-driven reports and engaging 25,000 users [5]. - 36Kr's service model for global expansion has gained traction, hosting over 10 events focused on global expansion in the first half of the year [6]. - The company connected over 200 enterprises across key sectors, including low-altitude economy and advanced manufacturing [6]. Strategic Initiatives - In the second half of 2025, 36Kr plans to focus on three strategic initiatives: upgrading original content, commercializing AI products, and scaling industrial services to achieve break-even [7]. - The operational results validate the effectiveness of the company's "content + technology + industrial services" strategy [8].

Core Viewpoint - 36Kr Holdings Inc. reported significant improvements in profitability and operational efficiency in the first half of 2025, despite a decrease in total revenues compared to the same period in 2024 [4][8][10]. Financial and Operational Highlights - Total revenues for the first half of 2025 were RMB93.2 million (US$13.0 million), down from RMB102.4 million in the same period of 2024 [4][8]. - Revenues from online advertising services decreased to RMB74.5 million (US$10.4 million) from RMB80.4 million [4][12]. - Revenues from enterprise value-added services were RMB12.2 million (US$1.7 million), down from RMB13.4 million [4][12]. - Subscription services revenues fell to RMB6.4 million (US$0.9 million) from RMB8.6 million [4][12]. - Gross margin increased to 54.4%, up 10 percentage points from 44.4% in the same period of 2024 [4][10]. - Operating expenses were reduced by 52.3% to RMB55.9 million (US$7.8 million) from RMB117.0 million [4][11]. - Net loss narrowed significantly to RMB4.8 million (US$0.7 million), a 95% decrease from RMB95.9 million in the same period of 2024 [4][16]. Customer and Subscriber Metrics - The number of online advertising services end customers increased slightly to 226 from 222 [3]. - The average revenue per online advertising services end customer decreased to RMB329.7 thousand from RMB362.1 thousand [3]. - The number of enterprise value-added services end customers decreased to 49 from 56 [3]. - The number of individual subscribers was reported as 16, with an average revenue of RMB24,637.5 [3]. - The number of institutional investors decreased to 102 from 139, while the average revenue per institutional investor increased to RMB63.1 thousand from RMB59.2 thousand [3]. Strategic Insights - The company emphasized its commitment to enhancing profitability through strategic execution in content innovation, commercialization, and technology applications [4][5]. - The company achieved a 10% year-over-year increase in followers, reaching over 36 million as of June 30, 2025 [4][5]. - Future plans include deepening the content moat, expanding product offerings, and leveraging AI technology for sustainable development [4][5].

Core Viewpoint - 36Kr Holdings Inc. is set to report its unaudited financial results for the first half of 2025 on September 26, 2025, before U.S. market opening [1] Group 1: Earnings Conference Call - The management will host an earnings conference call at 8:00 a.m. U.S. Eastern Time on September 26, 2025 [2] - Participants can join the call by completing pre-registration and dialing in 5 minutes prior to the start time [2][3] - A live and archived webcast of the conference call will be available on the Company's investor relations website [3] Group 2: Company Overview - 36Kr Holdings Inc. is a leading platform serving New Economy participants in China, focusing on empowering them to achieve more [4] - The Company began with high-quality New Economy-focused content and has expanded to include business services such as online advertising and enterprise value-added services [4] - 36Kr is supported by a comprehensive database and strong data analytics capabilities, positioning it to capture growth in China's New Economy [4]

Event Overview - Bloomberg New Economy 将于 11 月 19-21 日在新加坡举行 [1] - Bloomberg New Economy 旨在提供清晰的视角、建立联系和促进合作 [1] Focus - Bloomberg New Economy 致力于在极端时代提供值得信赖的见解和有目的的对话 [1]

Group 1 - BlueFive Capital and CICC's private equity investment division are considering establishing a fund to support Chinese companies seeking expansion in the Middle East [1] - The fund will focus on new economy sectors such as technology, digital transformation, green energy, and advanced manufacturing [1] - Negotiations will include non-exclusive terms regarding fund structure, capital commitments, and investment strategies [1]

National Debt & Economy - US national debt is growing at an alarming rate, with interest payments exceeding $1 trillion per year [1][4] - The new economy is outperforming the old economy, driven by currency debasement and rising asset prices [4] Investment Opportunities - The best investment opportunities lie in efficient companies positioned for the future [4] - Investment dollars are flowing towards software and artificial intelligence [3] Business & Wealth - Owning equity in a business is a key path to wealth creation [2] - The top 10 largest companies in the S&P 500 are dominating the remaining 490 smaller companies [3] - The top 10 US companies have driven almost all of the S&P 500's earnings per share growth in the past 2 years [3]

Core Insights - The Greater Bay Area's bulk trading market experienced significant changes in the first half of 2025, with the average transaction price dropping to 500 million yuan, indicating a shift in market demand towards lower total price assets [1] - In Guangzhou, the driving factors for industrial and non-core office transactions are mainly attributed to platform-based investment attraction and self-use demand from enterprises, while in Shenzhen, self-use demand from listed companies and state-owned enterprises dominates the market [1][3] Market Performance - In Shenzhen, the total transaction amount for office properties reached nearly 8 billion yuan, primarily driven by self-use buyers, showcasing strong demand in the self-use office sector [3] - Notably, standalone villas and industrial assets have become hot segments, with buyers actively seeking low-entry opportunities, while insurance capital continues to increase its investment in logistics assets in the Greater Bay Area [3] Future Outlook - Market participants are encouraged to seize favorable policy opportunities, such as interest rate cuts and prioritized policies, to focus on sectors with clear policy guidance [4] - Investment directions should concentrate on commercial and urban infrastructure, internal circulation, and opportunities arising from industrial transfer, with projects that have clear exit paths and controllable returns being particularly attractive [4] - The rise of new economies will keep infrastructure in focus, with data center investments expected to regain attention due to the surge in computing power demand driven by artificial intelligence technology [4]

Core Insights - 36Kr Holdings Inc. hosted the "2025 AI Partner Conference" focusing on AI-powered super applications and scenario-based innovation, featuring prominent speakers from academia and industry [1][2] - The conference included discussions on emerging dynamics in the AI era and the potential of next-generation AI applications, with segments dedicated to identifying future super apps [2] - 36Kr introduced the "2025 AI-Native Application Innovation Cases" and "2025 AI Partner Innovation Awards," recognizing innovative AI applications across various sectors [3] Group 1: Conference Highlights - The conference featured key segments such as "The Arrival of the Super App" and "Who Is the Next Super App," exploring commercialization trends and investor perspectives in AI super app development [2] - Notable speakers included leading figures from companies like AMD, Baidu, and Qualcomm, emphasizing the collaborative nature of the event [1][2] - Discussions highlighted the integration of AI across industries, showcasing innovation and breakthroughs that drive market-wide intelligent transformation [2] Group 2: Awards and Recognition - The "2025 AI-Native Application Innovation Cases" and "2025 AI Partner Innovation Awards" were unveiled to spotlight outstanding AI applications in sectors like intelligent manufacturing and healthcare [3] - The awards aimed to recognize AI solutions that enhance efficiency and quality, addressing real-world challenges and generating measurable value [3] Group 3: Future Initiatives - Following the conference, 36Kr plans to launch the "Disruptor Initiative" to support transformative AI companies in China, leveraging insights from successful enterprises like DeepSeek [4] - The initiative aims to identify and partner with forward-thinking companies to replicate successful innovation models, enhancing the global presence of Chinese technology [4] - 36Kr's commitment to integrating global resources and fostering collaboration between industry and academia positions it as a key player in the AI landscape [4]