Phoenix New Media: Another Change to Yidian Sale, But Minimal Valuation Impact

Phoenix New Media (FENG) announced that a Yidian shareholder is seeking to exercise co-sale rights in FENG's pending transaction.  FENG disputes whether the co-sale notice was validly submitted, but Phoenix TV (PTV) is going ahead with a shareholder meeting seeking approval of the revised sale agreement.  The EGM Notice includes background information which was not included in … Continue reading Phoenix New Media: Another Change to Yidian Sale, But Minimal Valuation Impact

Advertisements

Xinyuan Real Estate: Very High Risk

Xinyuan has $999mm of US$ debt due in the next 24 months. Xinyuan bonds are trading at yields over 20%.   Refinancing is currently impossible. Contract sales have been weak and the company is losing market share. The company has too many unproductive assets. The New York projects may bring more problems The dividend should be … Continue reading Xinyuan Real Estate: Very High Risk