Company: FENG
Filing Date: 2025-04-18
Form Type: 20-F
Source: 0000950170-25-055759
Chunk: 87

Company: Phoenix New Media Ltd
Filing Date: 2025-04-18
Form: 20-F
Item: Item 4
Chunk 87
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 Risk Factors - We rely on contractual arrangements with the VIEs in China, and their shareholders, for our business operations, which may not be as effective in providing operational control or enabling us to derive economic benefits as through ownership of controlling equity interest.”

All of these contractual arrangements are governed by and interpreted in accordance with PRC law, and disputes arising from these contractual arrangements will be resolved through arbitration in China. As a result, uncertainties in the interpretation and enforcement of PRC laws, rules and regulations could limit our ability, as a Cayman holding company, to enforce these contractual arrangements.

Overview of the Contractual Arrangements

The contractual arrangements among Fenghuang On-line, the VIEs and the shareholders of the VIEs enable us to:

• receive substantially all of the economic benefits from Tianying Jiuzhou and Fenghuang Ronghe and their subsidiaries in consideration for the technical and consulting services provided and intellectual property rights licensed by Fenghuang On-line;

• exercise effective control over Tianying Jiuzhou and Fenghuang Ronghe and their subsidiaries; and

• have an exclusive option to purchase all of the equity interest in Tianying Jiuzhou and Fenghuang Ronghe when and to the extent permitted under PRC laws.

Agreements that Transfer Economic Benefits to Us

Exclusive Technical Consulting and Service Agreements. Under the exclusive technical consulting and service agreements between Fenghuang On-line and each of Tianying Jiuzhou and Fenghuang Ronghe, or the Fenghuang On-line Technical Service Agreements, Fenghuang On-line has the exclusive right to provide designated technical and consulting services to the VIEs, including developing and upgrading various software, developing system technology, maintaining operational hardware and providing various training and consulting services, among other services. Third parties may only be engaged to provide the designated services to the VIEs under limited circumstances that are within the control of Fenghuang On-line.

The Fenghuang On-line Technical Service Agreements also transfer all of the economic benefits of intellectual property created by the relevant VIEs to Fenghuang On-line. To the extent that the relevant VIEs jointly develop business-related technologies with Fenghuang On-line or are entrusted by Fenghuang On-line to develop business-related technologies, the ownership and patent application rights for such technologies are vested in Fenghuang On-line. To extent that the relevant VIEs develop business-related technologies independently, the relevant VIEs are required to promptly notify Fenghuang On-line of