Phoenix New Media, a subsidiary of Hong Kong-based Phoenix Satellite Television Holdings (Phoenix TV), aims to raise US$200 million from its spin-off listing in the United States.
The Beijing-based company, which was incorporated in November 2007, is the leading domestic supplier of news and other premium content across the internet, mobile networks and television channels on the mainland.
According to a filing with the US Securities and Exchange Commission yesterday, Phoenix New Media applied for its American depositary shares - representing Class A ordinary shares - to be traded on the New York Stock Exchange.
Information about the volume, price and the estimated net proceeds of that initial public offering was not provided.
Phoenix New Media will use the funds generated from its US listing for content acquisition and production, information-technology infrastructure and product development, as well as sales and marketing.
The offerings's underwriters included Morgan Stanley, Deutsche Bank Securities, Macquarie Capital (USA), Cowen and China International Capital Corp Hong Kong Securities, which is based in Central.