Company: FENG
Filing Date: 2025-04-18
Form Type: 20-F
Source: 0000950170-25-055759
Chunk: 6

Company: Phoenix New Media Ltd
Filing Date: 2025-04-18
Form: 20-F
Item: Item 3
Chunk 6
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RC subsidiaries only through capital contributions or loans, and to the VIEs and their subsidiaries only through loans, subject to satisfaction of applicable government registration and approval requirements. For risks relating to the fund flows of our operations in China, see “Item 3. Key Information—Risk Factors—Risks Related to Doing Business in China—We rely on dividends and other distributions on equity from our PRC subsidiaries to fund any cash and financing requirements we have, and any limitation on the ability of our PRC subsidiaries to pay dividends to us could have a material adverse effect on our ability to conduct our business.”
Phoenix New Media Limited transfers cash to our wholly-owned Hong Kong subsidiaries, by making capital contributions or providing loans, and our Hong Kong subsidiaries transfer cash to our PRC subsidiaries by making capital contributions or providing loans to them. Because Phoenix New Media Limited and our subsidiaries have the power to direct the activities that most significantly impact the economic performance of the VIEs and provide them with economic benefits of the VIEs through contractual arrangements, they are not able to make direct capital contribution to the VIEs and their subsidiaries. However, they may transfer cash to the VIEs and their subsidiaries by loans or by making payment to the VIEs and their subsidiaries for inter-group transactions.
Prior to January 1, 2022, Phoenix New Media Limited, through its intermediate holding companies, provided capital contribution of RMB527.7 million to its subsidiaries in China. In 2022, Qieyiyou (Beijing) Information Technology Co., Ltd., or Qieyiyou, terminated the contractual agreements with Beijing Chenhuan Technology Co., Ltd., or Chenhuan. In 2023, our subsidiaries returned capital contribution of RMB19.7 million to Phoenix New Media Limited.
As of January 1, 2022, our subsidiaries had debt financing from Phoenix New Media Limited of RMB834.6 million and the VIEs and their subsidiaries had debt financing from our subsidiaries of RMB255.9 million. Our subsidiaries received RMB0.06 million of debt financing from Phoenix New Media Limited in 2022, repaid RMB10.3 million of debt financing to Phoenix New Media Limited in 2023 and received RMB15.9 million (US$2.2 million) of debt financing from Phoenix New Media Limited in 2024. The VIEs and their subsidiaries repaid RMB77.6 million of debt financing to our subsidiaries in 2022, received RMB229