Phoenix Media Investment (Holdings) Limited announced that Based on the preliminary unaudited consolidated management accounts of the company and its subsidiaries for the six months ended 30 June 2019, the Group is expected to record a more than HKD 400 million operating loss for the Period. The board of directors of the Company considers that the loss was due to severe traditional media business environment and increase in contribution to the strategic upgrade of the Group. The Group has engaged an independent valuer to conduct a valuation on the internet media's investment in Particle Inc. as at 30 June 2019, and the result of the Valuation in turn will affect the net gain on internet media investment.