Investor relations. Jiangsu Xinhua Bookstore Group Co., Ltd. (hereinafter referred to as "the group company"), one of the predecessors of Phoenix Media, was identified as a pilot unit for the reform of the central cultural system, which opened the curtain for the restructuring of Phoenix Media. According to the requirements of the pilot reform of the central cultural system and the reform goal put forward by the Jiangsu provincial government for the group company, from September 2007 to March 2008, the group company transformed its subordinate Xinhua Bookstore into a company, and the group company established a corresponding wholly-owned subsidiary in accordance with the Company Law. Upon approval, the assets issued by Xinhua Bookstore in each city and county will be transferred to the newly established wholly-owned subsidiary free of charge.