Ant Financial and Nikkei-backed 36Kr has raised just a fifth of its original IPO target and shares took another 10% hit on the first day of trading.

36Kr, a China-based media and startup services group backed by financial services firm Ant Financial and publisher Nikkei, priced its shares at the bottom of its range at $14.50 on Thursday. The company reduced the number of American Depositary Shares it issued from a planned 3.6 million to 1.4 million, raising $20m in proceeds –…

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