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

Company: Phoenix New Media Ltd
Filing Date: 2025-04-18
Form: 20-F
Item: Item 3
Chunk 18
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 Investment Law and how it may impact the viability of our current corporate structure, corporate governance and business operations. (Page 56)
Risks Relating to Our ADSs

Risks relating to our ADSs include, but not limited to, the following:
•The market price for our ADSs may be volatile which could result in a loss to you. (Page 57)
•Substantial future sales or perceived sales of our ADSs in the public market could cause the price of our ADSs to decline. (Page 57)
•We fell below the continued listing requirements of the New York Stock Exchange in the past. If we fall below any of the continued listing requirements in the future and cannot regain compliance in time, our ADSs may be delisted and the liquidity and the trading price of our ADSs could be materially and adversely affected. (Page 57)
•Our dual-class ordinary share structure with different voting rights could discourage others from pursuing any change of control transactions that holders of our Class A ordinary shares and ADSs may view as beneficial. (Page 58)
•Anti-takeover provisions in our articles of association may discourage a third party from offering to acquire our company, which could limit your opportunity to sell your ADSs at a premium. (Page 58)
•As a foreign private issuer, we are permitted to, and we may, rely on exemptions from certain NYSE corporate governance standards applicable to U.S. issuers. This may afford less protection to holders of our ordinary shares and ADSs. (Page 58)
•As a foreign private issuer, we are not subject to U.S. proxy rules and are subject to Exchange Act reporting obligations that, to some extent, are more lenient and less frequent than those of a U.S. issuer. (Page 58)
•We are a Cayman Islands company and, because judicial precedent regarding the rights of shareholders is more limited under Cayman Islands law than under U.S. law, you may have less protection of your shareholder rights than you would under U.S. law. (Page 59)
•Legislation enacted in the Cayman Islands and the British Virgin Islands as to economic substance may affect our corporate structure and cause us to incur additional compliance costs. (Page 59)
•Judgments obtained against us by our shareholders may not be enforceable. (Page 60)
•Holders of ADSs must act through the depositary to exercise their rights as shareholders of our company. (Page 60)
•The depositary for