Company: FENG
Filing Date: 2025-04-18
Form Type: 20-F
Source: 0000950170-25-055759
Chunk: 14

Company: Phoenix New Media Ltd
Filing Date: 2025-04-18
Form: 20-F
Item: Item 3
Chunk 14
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 compensation. (Page 35)
•We have been and expect we will continue to be exposed to intellectual property infringement and other claims, including claims based on content posted on our PC websites, mobile applications, mobile websites and third-party platform accounts, which could be time-consuming and costly to defend and may result in substantial damage awards and/or court orders that may prevent us from continuing to provide certain of our existing services. (Page 36)
•We may not be able to adequately protect our intellectual property, which could cause us to be less competitive. (Page 37)
•The discontinuation of any of the preferential tax treatments available to us in China could materially and adversely affect our operating results and financial condition. (Page 37)
•We have limited business insurance coverage. (Page 38)
•A prolonged slowdown in the global or PRC economies may materially and adversely affect our operating results, financial condition, prospects and future expansion plans. (Page 38)
•PRC regulations establish complex procedures for certain acquisitions of PRC companies by foreign investors, which could make it more difficult for us to pursue growth through acquisitions in China. (Page 38)
•We believe we are not an investment company pursuant to Section 3(b)(1) under the Investment Company Act of 1940, as amended, or the 1940 Act, because we believe we are primarily engaged in a non-investment company business, but 

there can be no assurances that the SEC or the courts will agree with our view. (Page 39)
•We intend to conduct our business activities to maintain compliance with the 1940 Act and that may negatively impact our ability to operate our business as contemplated. Moreover, if we were deemed an “investment company” under 1940 Act, we could be required to take remedial actions that would further interfere operating our business as contemplated. If we are unable to successfully complete necessary remedial actions, we may face severe legal consequences associated with the operation of an unregistered investment company. (Page 39)
•We believe we were a passive foreign investment company for 2024, and that there is a material risk that we may be classified as a passive foreign investment company for the current and future taxable years, which could result in adverse United States federal income tax consequences to United States Holders (as defined below). (Page 40)
•Our strategy of acquiring complementary assets, technologies and businesses may fail and may result in equity or earnings dilution. (Page 40)
•Failure of our