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，凤凰新媒体在美国纽交所上市，按照开盘价计算，凤凰新媒体总市值约为8.4亿美元。据悉，凤凰新媒体拟通过此次IPO筹资1.4亿美元，《第一财经日报》报道。

事实上，凤凰新媒体的业务模式与四大门户比较类似, 但其收入规模、市场份额与四大门户相比差距较大。该公司旗下的凤凰网的用户覆盖数量在中国排名第五。

该公司业务较为单一，缺乏类似于网游的现金流稳定的业务或类似于微博的创新型业务，因此资本市场较难给出像新浪、优酷一样的高估值，投中集团研究总监李玮栋说。

易观国际分析师唐亦之表示，凤凰新媒体业务的亮点，一方面是来自于凤凰卫视的独有的内容资源和一贯的内容实力，另一方面在视频、增值业务等方面具有先发优势。

这两大优势实质上均来自于其股东资源的支持。

凤凰新媒体由凤凰卫视控64.8%，同时还有3家VC持股。

而管理层持股不足10%，在这种治理结构下，公司要实现高成长会比较困难，一位投行人士分析表示。

"随着中国概念股IPO数量的不断增加，资本市场对中国概念的追捧也逐渐趋于理智。大家需要根据业绩表现，来对最近半年来已经上市的公司进行分析消化，"李玮栋说。