Company: FENG
Filing Date: 2025-04-18
Form Type: 20-F
Source: 0000950170-25-055759
Chunk: 156

Company: Phoenix New Media Ltd
Filing Date: 2025-04-18
Form: 20-F
Item: Item 12
Chunk 156
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 the terms of the deposit agreement, in the event of refusal to pay the depositary fees, the depositary bank may refuse the requested service until payment is received or may set off the amount of the depositary fees from any distribution to be made to the ADS holder.
Payments by Depositary
We received total payments of US$1.93 million from JPMorgan, the current depositary bank for our ADR program for reimbursement of investor relations expenses and other program related expenses, prior to 2023. In 2023, we returned US$0.35 million to JPMorgan in connection with the change of the ratio of our ADSs to Class A ordinary shares and the revision of our commercial arrangements, and as a result, we did not receive any payments from JPMorgan in 2023 and 2024 and do not expect to receive such payments in the future.

PART II