The Digital Source For China's Tech Innovation Since 2000

Search
Close

China's Phoenix New Media Announces IPO Plans

April 22, 2011
Business | Internet

Chinese online news and video media service Phoenix New Media Limited filed its F-1 statement with the United States Securities and Exchange Commission in a bid to raise up to USD200 million in an initial public offering.

The Internet company, which runs ifeng.com and is a subsidiary of Phoenix TV, plans its listing on the New York Stock Exchange and says in 2010 it derived 38.7% and 61.3% of its USD80.1 million total revenue from advertising and paid services, respectively.

Phoenix's social media offerings compete online not only with stalwarts like Sina.com, NetEase.com, and Tom.com, but also with the Chinese government's own online video initiative CNTV.

The Cayman Island-based company currently counts Morningside, Intel Capital, and Bertelsmann Asia as key investors. That Cayman company, along with other investors apparently including Excite.com co-founder Mark Wong-Van Haren, then has direct or indirect stakes in at least four companies registered in Hong Kong, British Virgin Islands, and the United States. Phoenix Satellite Television Information Limited, one of the BVI companies, then 100% directly owns a business entity in China named Fenghuang On-line (Beijing) Information Technology Company Limited.

It appears that the main revenue-generating parts of the business in China have no equity interest by any foreign entity, such as the Hong Kong, BVI, or Cayman companies. Instead, Fenghuang has contractual arrangements with three China-owned businesses. These three Chinese-owned businesses are responsible for the revenue generation and operations of Phoenix in China, and Phoenix accounts for them as its consolidated affiliated entities. Those three Chinese entities are wholly-owned by four Chinese individuals who are former or current employees: Liu Yinxia, He Yansheng, Qiao Haiyan, and Gao Ximin.

Tags: Cayman | CCTV | CNTV.cn | Hong Kong | Ifeng.com | initial public offering | Intel Capital | Internet news | Internet video | investment | ipo | Morningside Ventures | NetEase | news | online news | online video | Phoenix New Media | Phoenix TV | Sina | social media | Taiwan | Tom.com

Other Related News:

Fort Sheridan Advisors LLC Makes New $227,000 Investment in Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM)

November 7, 2021

Chinese Wireless E-commerce Gets Boost With New Customized Mobile Phones

December 21, 2009

HK stocks log second winning week on Alibaba, tech rally as China services report aids sentiment

October 9, 2021

Tencent Music Entertainment Group [TME] stock Downgrade by China Renaissance analyst, price target now $7.30

February 16, 2022

EV Week In Review: Tesla’s China Woes, Giga Berlin Coming Online Soon, Profit Won’t Meet Nio, Lordstown On Track, Fisker’s Debt Financing And More

August 16, 2021

China Mobile shares rise in Shanghai debut after US exit –

January 10, 2022

Xu Jiayin’s friend jumped off Liu Luanxiong’s loss of HK$11 billion and cleared Evergrande Chinese Real Estate NTD Chinese TV Online

November 26, 2021

Banque Cantonale Vaudoise Purchases 48,165 Shares of KraneShares CSI China Internet ETF (NYSEARCA:KWEB)

December 19, 2021

China's UC Browser To Establish Southeast Asia Headquarters In Jakarta

September 18, 2015
  • Contact Us
  • About Us
  • Corrections and Disclosure
  • Privacy Policy
  • Terms & Conditions
Menu
  • Contact Us
  • About Us
  • Corrections and Disclosure
  • Privacy Policy
  • Terms & Conditions
© 2023 ChinaTechNews.com. A Service of Asia Media Network.
Twitter