BEIJING, Sept. 27,
2023 /PRNewswire/ -- Phoenix New Media Limited (NYSE:
FENG) ("Phoenix New Media", "ifeng" or the "Company"), a leading
new media company in China, today
announced that the board of directors of the Company has approved a
new share repurchase program. Under the terms of the approved
program, the Company may repurchase up to US$2 million worth of its outstanding American
depositary shares ("ADSs"), each representing 48 Class A ordinary
shares of the Company, from time to time for a period not to exceed
five (5) months starting from September 27,
2023, the effective date of the program. The Company expects
to fund the repurchases made under this program from its existing
cash balance. The repurchases may be made in open market
transactions at prevailing market prices, including pursuant to any
trading plan that may be established in compliance with Rule
10b-18 and Rule 10b5-1 under the U.S.
Securities Exchange Act of 1934, as amended, or through privately
negotiated transactions or block trades, or by any combination of
the foregoing. The timing and extent of any repurchases will depend
on market conditions, the trading price of the Company's ADSs and
other factors. The plan will be implemented in compliance with
relevant United States securities
laws and regulations and the Company's securities trading policy.
The Company's board of directors will review the share repurchase
program periodically and may authorize adjustment of its terms and
size accordingly. The Company has no obligation to repurchase any
amounts under the program.
About Phoenix New Media Limited
Phoenix New Media Limited (NYSE: FENG) is a leading new media
company providing premium content on an integrated Internet
platform, including PC and mobile, in China. Having originated from a leading global
Chinese language TV network based in Hong
Kong, Phoenix TV, the Company enables consumers to access
professional news and other quality information and share
user-generated content on the Internet through their PCs and mobile
devices. Phoenix New Media's platform includes its PC channel,
consisting of ifeng.com website, which comprises interest-based
verticals and interactive services; its mobile channel, consisting
of mobile news applications, mobile video application, digital
reading applications and mobile Internet website; and its
operations with the telecom operators that provides mobile
value-added services.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
the statements about the funding, timing and manner of the
repurchases in this announcement contain forward-looking
statements. Phoenix New Media may also make written or oral
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K,
in its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about Phoenix New Media's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: the
Company's goals and strategies; the Company's future business
development, financial condition and results of operations; the
expected growth of online and mobile advertising, online video and
mobile paid services markets in China; the Company's reliance on online and
mobile advertising for a majority of its total revenues; the
Company's expectations regarding demand for and market acceptance
of its services; the Company's expectations regarding maintaining
and strengthening its relationships with advertisers, partners and
customers; the Company's investment plans and strategies;
fluctuations in the Company's quarterly operating results; the
Company's plans to enhance its user experience, infrastructure and
services offerings; competition in its industry in China; relevant government policies and
regulations relating to the Company; and the effects of the
COVID-19 on the economy in China
in general and on the Company's business in particular. Further
information regarding these and other risks is included in the
Company's filings with the SEC, including its annual reports on
Form 20-F. All information provided in this press release is as of
the date of this press release, and Phoenix New Media does not
undertake any obligation to update any forward-looking statement,
except as required under applicable law.
For investor and media inquiries please contact:
Phoenix New Media Limited
Muzi Guo
Email: investorrelations@ifeng.com
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SOURCE Phoenix New Media Limited