According to the Zhitong Finance App, Phoenix TV (02008) announced that on February 25, 2019, a subsidiary of Phoenix New Media Co., Ltd. (FENG.US) announced that it had signed a binding letter of intent with a prospective investor to sell 32% of the total number of shares issued by Particle Inc.

Particle has a bit of information (a rapidly developing personalized news and lifestyle information app in China that allows users to effectively define and explore personalized content through mobile devices). The company currently owns about 37.63% of Particle's issued shares (calculated as a converted benchmark), and is expected to own about 5.63% of Particle's total issued shares if the transaction is completed under the letter of intent.

Under the terms of the letter of intent, the company will promise to sell and transfer 32% of Particle's total issued shares in cash at a total cost of US$448 million to investors and their designated entities, reflecting Particle's initial valuation of US$1.4 billion.

The company, the prospective buyer, Particle and other relevant contractors are expected to sign a final agreement for the proposed transaction on March 22, 2019, by the time period agreed by the other companies and prospective buyers.

According to the letter of intent, the company has received a cash deposit of 100 million yuan from the prospective buyer.