Bauhinia HK entered into a framework agreement to acquire a 21% stake in Phoenix Media Investment (Holdings) Limited (SEHK:2008) from Today's Asia Limited for approximately HKD 640 million on April 16, 2021. Bauhinia HK entered into a sale and purchase agreement to acquire a 21% stake in Phoenix Media Investment (Holdings) Limited from Today's Asia Limited on June 1, 2021. As a part of transaction, Today's Asia Limited will sell 1.05 billion shares of Phoenix Media Investment (Holdings) Limited at a price of HKD 0.61 per share. In a related transaction, Common Sense Limited entered into a framework agreement to acquire a 16.93% stake in Phoenix Media Investment (Holdings) Limited from Today's Asia Limited for approximately HKD 520 million on April 17, 2021. Post completion of both the transactions, Today's Asia Limited will cease to be a shareholder of Phoenix Media Investment (Holdings) Limited. Transaction is subject to the fulfillment of certain conditions precedent, among others, including (a) Today’s Asia and buyer shall assist Phoenix Media Investment (Holdings) Limited to obtain all necessary approvals and consents from the relevant regulatory authorities and (b) all and any other conditions precedent as specified in a formal sale and purchase agreement to be entered into between Today’s Asia and buyer upon buyer being satisfied with the results of the due diligence review in all aspects. Transactions are not inter-conditional. The board of Phoenix Media Investment (Holdings) Limited does not expect the transactions will have any negative impact on the business operations of the Company. Bauhinia HK completed the acquisition of 21% stake in Phoenix Media Investment (Holdings) Limited (SEHK:2008) from Today's Asia Limited on June 22, 2021.