Government News
Tencent Music to list in Hong Kong this week 2022-09-18
Tencent Music to List in Hong Kong This Week
Tencent Music Entertainment Group will list its shares in Hong Kong on Sept. 21, the Chinese music streamer said on Thursday.
Shenzhen-based Tencent Music will join the Hong Kong Stock Exchange's main board by way of introduction, meaning it will not sell any new shares nor raise any new funds. Its stock is already listed on the New York Stock Exchange.
KE Holdings, China's biggest real estate agent, and electric vehicle startup Nio also listed in Hong Kong this way in the first half of the year.
Listing shares already in issue on another exchange is the best solution to protect the rights and interests of shareholders in an uncertain market environment, The Paper said today, citing a source close to Tencent Music.
Dual listings can offer investors more choice of trading venues and more flexible trading times, and provide shareholders with greater liquidity and flexibility to cope with a changing regulatory environment, the person added. At the same time, it can help entice additional investors, benefitting the firm's long-term development.
Tencent Music went public in New York in 2018, making it the first listed Chinese online music giant. The shares [NYSE: TME] finished 0.4 percent higher at USD4.78 yesterday. In pre-market trading today, they were up a further 0.8 percent as of 6.14 a.m. local time.
The firm's second-quarter net profit rose 3.5 percent from a year earlier to CNY856 million (USD123 million), while revenue fell 13.8 percent to CNY6.9 billion (USD1 billion).
Source: Yicai
Application Status
| 04-16 | 21315227 | Processing |
| 03-12 | 21315226 | Processing |
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Inquiry Status
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