Phoenix New Media (ifeng) is a Chinese-language digital news and content platform based in Beijing, operating primarily through its flagship website ifeng.com and the ifeng News mobile app. The platform delivers news, commentary, and multimedia content across more than 40 topic verticals — including news, finance, military affairs, and entertainment — in text, image, video, and livestreaming formats, targeting urban, educated Chinese audiences seeking professional journalism. Phoenix New Media originated from Phoenix TV, a Hong Kong-based satellite TV network that still controls 55% of its ordinary shares. Phoenix New Media licenses the Phoenix brand trademarks and holds exclusive rights to broadcast Phoenix TV content on the Chinese internet, giving it differentiated video content and access to Phoenix TV's advertiser relationships. The company distributes content through its own PC and mobile properties as well as third-party platforms including WeChat, Weibo, Douyin, and Kuaishou. Advertising accounts for roughly 80% of revenue, with Phoenix New Media selling display, video, and performance-based ads to brand advertisers across industries. Phoenix New Media argues its editorial credibility and association with authoritative journalism attract premium brand advertisers that prefer a serious news platform over entertainment or social alternatives. The remaining roughly 20% of revenue comes from paid services, primarily digital reading — fees from online novels and audiobooks distributed through the Fanyue Novel app and WeChat mini-programs. Like most U.S.-listed Chinese internet companies, Phoenix New Media uses a VIE structure to navigate Chinese restrictions on foreign ownership of internet and media businesses.