A journalist from ifeng.com, which is owned by Phoenix New Media Ltd, works at a financial expo in Beijing. It's the third Chinese media or internet company this month to announce plans for an IPO in the United States.[Photo / China Daily]
The Beijing-based media company aims to raise $200 million in IPO
NEW YORK - Phoenix New Media Ltd, the Beijing-based Internet, TV and mobile-news provider, is seeking to raise $200 million in a US initial public offering (IPO).
The company plans to trade its American depositary receipts (ADRs) on the New York Stock Exchange, according to a filing with the US Securities and Exchange Commission on Friday. Phoenix New Media didn't provide the number of shares offered or the price range in the filing.
The company is the third Chinese Internet or media company to announce US IPO plans this month. Renren Inc, owner of China's largest social-networking website, and Jiayuan.com International Ltd, the operator of the mainland's biggest online dating service, have also submitted filings for US listings.
Phoenix New Media is controlled by Phoenix Satellite Television Holdings Ltd of Hong Kong, according to the IPO prospectus. The parent, which is partly owned by China Mobile Communications Corp and News Corp, will maintain more than 50 percent ownership following the offering, according to a statement to the Hong Kong Stock Exchange on Jan 18.
Other owners include the Hong Kong-based Morningside Group, the venture capital arm of Santa Clara, California-based Intel Corp, and Bertelsmann AG, according to the statement.
Revenue at Phoenix New Media more than doubled to 528.7 million yuan ($81.4 million) in 2010 compared with 2008, while adjusted net income surged to 90.6 million yuan from 1.8 million yuan, the prospectus showed. Proceeds will be used for content acquisition, product development and marketing.
The Phoenix New Media offering of ADRs is being led by Morgan Stanley, Deutsche Bank AG and Macquarie Group Ltd.
Renren, Jiayuan
Renren, based in Beijing, will attempt to raise $584 million selling 53.1 million ADRs for $9 to $11 each next month in an IPO led by Morgan Stanley, Deutsche Bank and Credit Suisse Group AG, according to a filing this week.
Jiayuan, also of Beijing, filed for an IPO this week, to raise as much as $100 million. The deal is being managed by Bank of America Corp and Citigroup Inc.
Bloomberg News
