On 14 May 2014, Jiangsu Phoenix Publishing & Media Co., Ltd. (“Phoenix Media”) announced that its wholly-owned subsidiary, Phoenix Education Publishing Co., Ltd. acquired all assets of children’s book business of Publications International Ltd.(“PIL”) , JRS Distribution Co. and some of their affiliated parties, and 100% equity of these parties’ children’s book business at USD 80 MM. CICC acted as Sole Financial Advisor to Phoenix Media in this transaction.