Phoenix New Media Limited Announces Pricing of Initial Public Offering $11/ADS

Phoenix New Media Limited FENG today announced that it has priced its initial public offering of 12,767,500 American depositary shares, each representing eight Class A ordinary shares of the Company, at US$11.00 per ADS, with a total offering size of approximately US$140 million, assuming no exercise of the over-allotment option by the underwriters. The ADSs will begin trading on the New York Stock Exchange on May 12, 2011, under the symbol "FENG". Of the 12,767,500 ADSs being offered, 11,500,000 are offered by PNM and 1,267,500 are offered by the selling shareholders. PNM has granted the underwriters a 30-day option to purchase up to an additional 1,915,125 ADSs from PNM at the initial public offering price less the underwriting discount to cover over-allotments, if any.