Shun Tak Group to acquire a minority stake in Phoenix Media Investment for HK$516m.

Shun Tak Group, a conglomerate active in the Greater Bay Area and listed on the Hong Kong Stocks Exchange, agreed to acquire a minority stake in Phoenix Media Investment, a non-wholly owned subsidiary of the Company operating internet media business, for HK$516m. “We believe that Phoenix Media has been diligently transforming its business model and expanding its technological capabilities to efficiently capture fast-growing demands in content production, digital and media markets. This shall serve to contribute towards Hong Kong’s competitive advantage as a first-class innotech hub and an exchange center for arts and culture under the 14th five-year plan which our Group avidly supports,” Pansy Ho, Shun Tak Group Executive Chairman and Managing Director.