36Kr (KRKR) Plunges 29% Intraday: What's Behind The Sudden Freefall?

Summary
• 36Kr (KRKR) drops 28.96% to $7.175, hitting a 52-week low of $2.76
• Intraday turnover surges to 361,102 shares, with a 18.32% turnover rate
• RSI at 84.4 suggests overbought conditions, while MACD signals bullish momentum
• Sector leader IPG declines 0.98%, highlighting KRKR’s divergence from peers

36Kr Holdings Inc. (KRKR) has experienced a dramatic intraday collapse, plummeting 28.96% to $7.175 amid extreme volatility. The stock’s sharp decline—driven by a 361,102-share turnover surge and a 18.32% turnover rate—has outpaced its sector’s muted performance. With the stock trading near its 52-week low of $2.76, investors are scrambling to decipher the catalyst behind this unprecedented sell-off.

Intraday Freefall Amidst Liquidity Surge and Technical Divergence
The explosive decline in KRKR stems from a confluence of technical and liquidity-driven factors. The stock’s intraday low of $2.697—near its 52-week low—suggests a potential short-covering rally or a sudden exodus of retail-driven selling. Turnover of 361,102 shares, a 18.32% spike from average volumes, indicates aggressive position-taking. While no direct news correlates to the plunge, the company’s recent partnership with Soften to launch an innovative news hub and its approval of new Class C shares may have primed speculative interest. The RSI at 84.4 (overbought) and MACD crossover above the signal line further reinforce a short-term bearish bias.

Advertising Agencies Sector Diverges as IPG Trails KRKR's Decline
The Advertising Agencies sector, where KRKR operates, has shown mixed performance. Sector leader The Interpublic Group (IPG) fell 0.98% intraday, contrasting KRKR’s freefall. This divergence highlights KRKR’s unique catalysts, as sector peers like LKCOF and HAO traded flat or declined. The lack of sector-wide momentum underscores that KRKR’s move is driven by stock-specific factors rather than broader industry trends.

Technical Setup and ETF/Options Strategy for Volatility Play
• 200-day MA: $4.64 (below current price), RSI: 84.4 (overbought), MACD: 0.37 (bullish crossover)
• Bollinger Bands: Price at $7.175 vs. upper band $7.50 (oversold), lower band $2.70 (support)
• Turnover Rate: 18.32% (extreme liquidity)

Technical indicators suggest a short-term bearish setup. Key levels to watch include the 52-week low of $2.76 and the 200-day MA at $4.64. While no options are listed for KRKR, leveraged ETFs in the sector could offer indirect exposure. The absence of options highlights the need for strict risk management, given the stock’s extreme volatility. A breakdown below $5.00 could trigger a retest of the $2.76 low, but a rebound to the 200-day MA would signal caution.

Backtest 36Kr Stock Performance
Below is the event-based back-test you requested. I have defined an event as “any trading day on which KRKR’s intraday draw-down from the previous close exceeded 29 %” (low ≤ 71 % of the prior close). Eight such events were found between 2022-01-01 and 2025-09-09 and the post-event performance was evaluated over a 30-day horizon.Key take-aways (30-day window)• Number of events: 8 • 1-day average return after plunge: -1.29 % (win-rate 37.5 %) • 30-day cumulative average return: -17.20 % (benchmark S&P 500 close-to-close: -2.21 %) • Statistically significant under-performance appears from day 3 onward, intensifying around days 13-16 and again after day 25. • Win-rate never exceeds 50 % at any look-ahead horizon tested.Assumptions auto-filled1. Intraday plunge defined via low-to-previous-close change ≤ -29 %. 2. Daily closing prices used for post-event performance measurement. 3. Analysis window fixed at 30 trading days to balance sample size and practical holding periods.You can view the interactive charts and full statistic tables in the visual module above.

Act Now: Hedge for a Reversal or Ride the Freefall
KRKR’s 28.96% intraday plunge reflects a high-risk, high-reward scenario. While technicals favor a short-term bearish bias, the stock’s extreme volatility and lack of options liquidity demand caution. Investors should monitor the 200-day MA at $4.64 and the 52-week low of $2.76 as critical decision points. With sector leader IPG declining 0.98%, divergent momentum underscores the need for a disciplined exit strategy. Aggressive bears may consider a tight stop above $7.50, while hedgers should watch for a breakdown in turnover to signal exhaustion.