Common Sense Limited entered into a framework agreement to acquire a 16.93% stake in Phoenix Media Investment (Holdings) Limited (SEHK:2008) from Today's Asia Limited for approximately HKD 520 million on April 17, 2021. Common Sense Limited entered into a sale and purchase agreement to acquire a 16.93% stake in Phoenix Media Investment (Holdings) Limited (SEHK:2008) from Today's Asia Limited for approximately HKD 520 million on June 1, 2021. As a part of transaction, Today's Asia Limited will sell 845.4 million shares of Phoenix Media Investment (Holdings) Limited at a price of HKD 0.61 per share in cash. In a related transaction, An unknown buyer entered into a framework agreement to acquire a 21% stake in Phoenix Media Investment (Holdings) Limited from Today's Asia Limited for approximately HKD 640 million on April 16, 2021. Post completion of both the transactions, Today's Asia Limited will cease to be a shareholder of Phoenix Media Investment (Holdings) Limited. Pursuant to the Framework Agreement, Today's Asia Limited shall procure the approval of the appointment of a representative to be nominated by Common Sense Limited as a director of Phoenix Media Investment (Holdings) Limited with effect from Completion in a board meeting of Phoenix Media Investment (Holdings) Limited on the date of Completion. Transaction is subject to the fulfillment of certain conditions precedent, among others, including (a) Today’s Asia and Common Sense Limited 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 Common Sense Limited upon Common Sense Limited being satisfied with the results of the due diligence review in all aspects. Transactions are not inter-conditional. The conditions are expected to be satisfied or waived on or before the 45th day after the date of the Formal Agreement. Completion shall take place on the second business day after the date on which the last of the conditions set out in the Framework Agreement is fulfilled or waived, or such other time as agreed between Common Sense Limited and Today's Asia Limited. 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. Common Sense Limited completed the acquisition of 16.93% stake in Phoenix Media Investment (Holdings) Limited (SEHK:2008) from Today's Asia Limited on June 22, 2021.