Phoenix New Media Announces up to US$2 Million Share Repurchase Program

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.