China Mobile Investment Holding Co., Ltd. signed a share transfer agreement to acquire 10% stake in Jiangsu Phoenix Publishing & Media Corporation Limited (SHSE:601928) from Jiangsu Phoenix Publishing & Media Group Limited for CNY 1.9 billion on February 7, 2023. On April 4, 2023, Jiangsu Phoenix Publishing and Media Co., Ltd. received a report from Jiangsu Provincial Department of Finance and Jiangsu Provincial Party Committee Propaganda Department forwarded by Jiangsu Phoenix Publishing and Media Group Co., Ltd.

China Mobile Investment Holding Co., Ltd. completed the acquisition of a 10% stake in Jiangsu Phoenix Publishing & Media Corporation Limited (SHSE:601928) from Jiangsu Phoenix Publishing & Media Group Limited on June 1, 2023. As a result, Jiangsu Phoenix Publishing's holding reduced to 62.8% stake in Jiangsu Phoenix Publishing & Media.