Phoenix New Media launched its IPO in the U.S. Thursday, netting the firm $140 million in new capital with a valuation of about $840 million, the China Business News reported Friday.

The internet portal operator's operates on a similar business model to internet giants such as Sina and NetEase, but lags behind in both revenue and market share. Its flagship iFeng.com ranks fifth in China by user coverage, according to Alexa, an internet and search analytics firm.

The company does not engage in services that can bring in a stable cash flow or innovative businesses such as computer games and micro blogging, so it did not receive as high a valuation as firms such as Sina and Youku, said Li Weidong, research director of ChinaVenture Group, an investment advisory firm.

Phoenix New Media has an advantage in terms of content, video and value-added services, said Tang Yizhi, analyst from Analysys International.

These two advantages of the media company come from the support of its shareholders.

Phoenix New Media is controlled by Phoenix Satellite Television Holdings, who maintain 64.8 percent ownership. Other owners include three venture capital enterprises.

Management holds less than 10 percent. It is difficult for Phoenix New Media to grow quickly under this management system, said an analyst from a capital venture company.

"As more and more Chinese concept stocks pursue an initial public offering, they have met with a more reasonable, measured reception by capital markets." Li said. "We need to analyze the recently listed companies based on their performance."

昨日，鳳凰新媒體在美國紐交所上市，按照開盤價計算，鳳凰新媒體總市值約為8.4億美元。據(jù)悉，鳳凰新媒體擬通過此次IPO籌資1.4億美元，《第一財經(jīng)日報》報道。

事實上，鳳凰新媒體的業(yè)務(wù)模式與四大門戶比較類似, 但其收入規(guī)模、市場份額與四大門戶相比差距較大。該公司旗下的鳳凰網(wǎng)的用戶覆蓋數(shù)量在中國排名第五。

該公司業(yè)務(wù)較為單一，缺乏類似于網(wǎng)游的現(xiàn)金流穩(wěn)定的業(yè)務(wù)或類似于微博的創(chuàng)新型業(yè)務(wù)，因此資本市場較難給出像新浪、優(yōu)酷一樣的高估值，投中集團研究總監(jiān)李瑋棟說。

易觀國際分析師唐亦之表示，鳳凰新媒體業(yè)務(wù)的亮點，一方面是來自于鳳凰衛(wèi)視的獨有的內(nèi)容資源和一貫的內(nèi)容實力，另一方面在視頻、增值業(yè)務(wù)等方面具有先發(fā)優(yōu)勢。

這兩大優(yōu)勢實質(zhì)上均來自于其股東資源的支持。

鳳凰新媒體由鳳凰衛(wèi)視控64.8%，同時還有3家VC持股。

而管理層持股不足10%，在這種治理結(jié)構(gòu)下，公司要實現(xiàn)高成長會比較困難，一位投行人士分析表示。

"隨著中國概念股IPO數(shù)量的不斷增加，資本市場對中國概念的追捧也逐漸趨于理智。大家需要根據(jù)業(yè)績表現(xiàn)，來對最近半年來已經(jīng)上市的公司進行分析消化，"李瑋棟說。