Phoenix New Media Limited (FENG) IPO Trades Slightly Higher

The IPO for Phoenix New Media Limited (NYSE: FENG) is open for trading. Shares are trading at $11.16 after pricing 12,767,500 American depositary shares at $11, below the expected $12-$14 range.

Morgan Stanley, Deutsche Bank and Macquarie Capital acted as joint bookrunners, and Cowen and Company, LLC and China International Capital Corporation Hong Kong Securities Limited acted as co-managers for the offering.

Phoenix New Media Limited is a leading new media company providing premium content on an integrated platform across Internet, mobile and TV channels in China. Having originated from a leading global Chinese language TV network based in Hong Kong, Phoenix TV, PNM enables consumers to access professional news and other quality information and share user-generated content on the Internet and through their mobile devices.

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