Chinese media company debuts on NYSE

Chinese media company Phoenix New Media Ltd debuted on the New York Stock Exchange today, Reuters reported.

Shares of Phoenix New Media (under the symbol FENG) were up in morning trading, at US$13.40, well above its $11 IPO price in early trade.

The Beijing-based company has said it is the “leading new media company providing premium content on an integrated platform across Internet, mobile and TV channels in China.” It was scheduling an IPO of $166 million, with a market capitalisation of $983 million, according to Seeking Alpha.

In 2010, the company generated revenue of $80.1 million, and profits reached $11.2 million, according to China-Screen-News. It earns most of its revenue from paid services, and about 39 percent from advertising.

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