Company: FENG
Filing Date: 2025-04-18
Form Type: 20-F
Source: 0000950170-25-055759
Chunk: 92

Company: Phoenix New Media Ltd
Filing Date: 2025-04-18
Form: 20-F
Item: Item 4
Chunk 92
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 Internet businesses, or if these regulations or the interpretation of existing regulations change in the future, we would be subject to severe penalties or be forced to relinquish our interests in those operations” and “ Item 3. Key Information - D. Risk Factors - Risks Relating to Doing Business in China - Uncertainties with respect to the PRC legal system could limit the protections available to you and us.”

We operate digital reading business through Fengyu Network. Historically, we directed the activities that most significantly impact the economic performance of Fengyu Network and derived substantially all of the economic benefits from Fengyu Network through contractual arrangements entered into among Qieyiyou (Beijing) Information Technology Co., Ltd and the shareholders of Beijing Chenhuan Technology Co., Ltd., the entity that previously wholly owned Fengyu Network. In order to streamline organizational structure and control operational costs, we terminated such contractual arrangements in August 2022 and Fengyu Network is currently wholly owned by Tianying Jiuzhou.

Our Relationship with Phoenix TV

We are currently a subsidiary of Phoenix TV, the leading Hong Kong-based satellite TV network broadcasting Chinese language content globally and into China. Phoenix TV owned 55.0% of our outstanding ordinary shares and 61.4% of the voting power of our ordinary shares as of March 31, 2025. Phoenix TV first reported its new media business as one of its business segments in its annual report submitted to the Hong Kong Stock Exchange for the year ended December 31, 2007.

In addition, we entered into several sets of trademark and program content licensing agreements with Phoenix TV or certain of its subsidiaries in the past and continue to use certain copyrighted content and trademarks provided by Phoenix TV Group. See “ Item 7. Major Shareholders and Related Party Transactions - B. Related Party Transactions - Agreements and Transactions with Phoenix TV and Certain of its Subsidiaries.”

We have a mutually beneficial relationship with Phoenix TV. We and Phoenix TV share a common vision of the convergence of traditional and new media channels, and work together to realize this vision. Phoenix TV enables us to display our proprietary content on its TV programs. We believe that our and Phoenix TV’s active promotion of one another’s brands on our respective Internet-enabled and TV platforms helps to grow our combined audience synergistically.

Our former Chief Executive Officer, Mr. Shuang Liu served as the chief operating officer of Phoenix TV until March 2023. Mr. Yusheng Sun, an executive director, deputy chief executive officer, editor-in-chief and a