Phoenix Media was given the highest grade for information disclosure by the Shanghai Stock Exchange this year.

An evaluation was carried out on the 1,574 companies listed on the SSE, with 19.5 percent of these companies receiving the highest A grade. About 4.5 percent of the A-share listed companies has received an A grade for five consecutive years and Phoenix Media is among these companies.

Regulations from SSE state that listed companies that obtain an A grade in information disclosure can apply for rapid assessment from the China Securities Regulatory Commission for refinancing, acquisition and reorganization.

To facilitate investors' understanding of its operations, Phoenix Media has constantly strived to disclose company information in an easy-to-understand manner. In addition to its annual reports, Phoenix Media also shares with the public its business model, competitiveness, and operating data.

Phoenix Media has also disclosed how COVID-19 has impacted its business to investors.