Phoenix TV to Spin Off Subsidiary in US IPO
Tech Web, 1/19/11
Phoenix TV (2008.HK) has announced it has temporarily suspended share trading while it spins off its subsidiary Phoenix New Media for a separate listing on the Nasdaq or NYSE stock exchanges. According to a proposal submitted to the Hong Kong Stock Exchange on December 30, Phoenix TV will continue to own more than a 50% interest in Phoenix New Media and the subsidiary's financial results will continue to be consolidated into Phoenix TV's accounts.
Trading has been suspended with effect from January 18, 2011 at 9:33 a.m until 9:30 a.m. on January 19, 2011.
Keywords: Internet online video IPO Hong Kong Stock Exchange Nasdaq NYSE television Phoenix New Media Phoenix TV spin-off 2008.HK iFeng
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