BEIJING, May 11, 2022
/PRNewswire/ -- Phoenix New Media Limited ("Phoenix New
Media," "ifeng" or the "Company") (NYSE: FENG), a leading new media
company in China, today announced
that it plans to change the ratio of its American Depositary Shares
("ADSs") to its Class A ordinary shares (the "ADS Ratio"), par
value US$0.01 per share, from the
current ADS Ratio of one (1) ADS to eight (8) Class A ordinary
shares to a new ADS Ratio of one (1) ADS to forty-eight (48) Class
A ordinary shares. The Company anticipates that the change in the
ADS Ratio will be effective on or about May
21, 2022.
For the Company's ADS holders, the change in the ADS Ratio will
have the same effect as a one-for-six reverse ADS split. Each ADS
holder of record at the close of business on the date when the
change in ADS Ratio is effective will be required to surrender and
exchange every six (6) existing ADSs then held for one (1) new ADS.
JPMorgan Chase Bank, N.A., as the depositary bank for the Company's
ADS program, will arrange for the exchange of the current ADSs for
the new ones. The Company's ADSs will continue to be traded on the
New York Stock Exchange under the symbol "FENG."
No fractional new ADSs will be issued in connection with the
change in the ADS Ratio. Instead, fractional entitlements to new
ADSs will be aggregated and sold by the depositary bank and the net
cash proceeds from the sale of the fractional ADS entitlements
(after deduction of fees, taxes and expenses) will be distributed
to the applicable ADS holders by the depositary bank. The change in
the ADS Ratio will have no impact on the Company's Class A ordinary
shares underlying the ADSs, and no Class A ordinary shares will be
issued or cancelled in connection with the change in the ADS
Ratio.
As a result of the change in the ADS Ratio, the ADS trading
price is expected to increase proportionally upon the effectiveness
of the ratio change, although the Company can give no assurance
that the ADS trading price after the change in the ADS Ratio will
be equal to or greater than six times the ADS trading price before
the change.
About Phoenix New Media Limited
Phoenix New Media Limited (NYSE: FENG) is a leading new media
company providing premium content on an integrated Internet
platform, including PC and mobile, in China. Having originated from a leading global
Chinese language TV network based in Hong
Kong, Phoenix TV, the Company enables consumers to access
professional news and other quality information and share
user-generated content on the Internet through their PCs and mobile
devices. Phoenix New Media's platform includes its PC channel,
consisting of ifeng.com website, which comprises interest-based
verticals and interactive services; its mobile channel, consisting
of mobile news applications, mobile video application, digital
reading applications and mobile Internet website; and its
operations with the telecom operators that provides mobile
value-added services.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
the business outlook and quotations from management in this
announcement, as well as Phoenix New Media's strategic and
operational plans, contain forward-looking statements. Phoenix New
Media may also make written or oral forward−looking statements in
its periodic reports to the U.S. Securities and Exchange Commission
("SEC") on Forms 20−F and 6−K, in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
statements about Phoenix New Media's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: the Company's goals and strategies; the Company's future
business development, financial condition and results of
operations; the expected growth of online and mobile advertising,
online video and mobile paid services markets in China; the Company's reliance on online and
mobile advertising for a majority of its total revenues; the
Company's expectations regarding demand for and market acceptance
of its services; the Company's expectations regarding maintaining
and strengthening its relationships with advertisers, partners and
customers; the Company's investment plans and strategies;
fluctuations in the Company's quarterly operating results; the
Company's plans to enhance its user experience, infrastructure and
services offerings; competition in its industry in China; relevant government policies and
regulations relating to the Company; and the effects of the
COVID-19 on the economy in China
in general and on the Company's business in particular. Further
information regarding these and other risks is included in the
Company's filings with the SEC, including its registration
statement on Form F−1, as amended, and its annual reports on Form
20−F. All information provided in this press release and in the
attachments is as of the date of this press release, and Phoenix
New Media does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
For investor and media inquiries please contact:
Phoenix New Media Limited
Qing Liu
Email: investorrelations@ifeng.com
ICR, LLC
Robin Yang
Tel: +1 (646) 405-4883
Email: investorrelations@ifeng.com
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SOURCE Phoenix New Media Limited