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Should investors worry about China’s latest crackdown on video streaming platforms?
Benzinga  Aug 31  Comment 
JPMorgan assumed coverage of Phoenix New Media Ltd ADR (NYSE: FENG) with an Overweight rating and $4.30 price target, saying that the market is not considering the potential upside from Yidian, an interest-based news and information app invested...


Phoenix New Media Limited (NYSE:FENG) is Chinese media company which operates a platform from which users can access professional news, general content, and add user-generated content. While most of the content is accessed via mobile and internet-enable devices, Phoenix New Media operates a TV network. The company makes money through two main channels. First, it charges users for paid services such as content subscriptions, pay-per-view videos, and game services. Second, Phoenix New Media sells advertising space on its websites, videos, and mobile devices. [1]

The business model of most Chinese media companies depend on the growth of the middle class in China and the resulting increase in internet usage in China. However, Phoenix New Media focuses on delivering premium, high quality content to the affluent and highly educated groups in China. While many media companies are relatively new and appeal to younger generations, Phoenix relies on older generations who retain interests in more traditional media sources.[2]

The company's initial public offering of stock on the NYSE occurred on May 11, 2011. The company offered 12.78M ADSs each for $11. This was at the midpoint of the $12- $14 initial price range. This offering raised a total of $140M. The lead managers of the IPO were Morgan Stanley (MS), Deutsche Bank AG (DB), and Macquarie Capital.[3]

For the full year 2010, Phoenix New Media reported a total revenue of $80M. During the same period, the company's net income was $11.2M. Both the total revenue and net income for 2010 were substantial increases over the previous year's.[4]

  1. FENG F-1/A 2011 PROSPECTUS SUMMARY "Overview" pg 1
  2. FENG F-1/A 2011 PROSPECTUS SUMMARY "our Industry" pg 3
  3. Renaissance Capital - IPO Home "Phoenix New Media prices IPO at $11, below the range" 12 May 2011
  4. FENG F-1/A 2011 PROSPECTUS SUMMARY "Our Summary Consolidated Financial Data" pg 14-15
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