Home Entertainment Tencent Music Has Lackluster Debut in Hong Kong

Tencent Music Has Lackluster Debut in Hong Kong

by admin
Tencent Music Has Lackluster Debut in Hong Kong

Photo Credit: Ruslan Bardash

China’s Tencent Music Entertainment Group opened on the Hong Kong stock market yesterday to a lackluster debut.

Tencent Music made its debut on the Hong Kong exchange after announcing last week that New York would remain its primary listing. The listing was carried out by introduction, meaning no new shares or capital were raised in the transaction. One US-listed share represents two of its Hong Kong shares. The opening price for the stock fell flat at $18 HK dollars ($2.29) and continued its slide on its second day.

Tencent Music’s stock is down 33% so far in 2022 as a wave of negative sentiment towards Chinese tech companies takes hold. Tencent is just one of the latest companies to opt for a second listing on the Hong Kong stock exchange over the threat of being delisted in New York. The kerfuffle is over auditors that didn’t give U.S. inspectors a peek at the books of Chinese businesses. In order to remain on U.S. stock exchanges, Chinese businesses must play along.

On August 26, 2022, the China Securities Regulatory Commission and the U.S. Securities and Exchange Commission (SEC) agreed on audit protocols so these inspectors may do their jobs. U.S. officials are now in Hong Kong to start reviewing U.S. listed companies–including Tencent Music. Tencent Music has a current market capitalization of around $7.76 billion.

These audits are expected to take upwards of two-and-a-half months to complete. Companies that are expected to see an impact include Alibaba, Tencent Holdings, Weibo, Baidu, and NetEase. Tencent Music reported a 25% year-over-year jump in paid subscribers for its Q2 2022. NetEase’s Cloud Music is also listed on the Hong Kong stock exchange.

“We are proud to celebrate our successful listing on the Main Board of the stock exchange of Hong Kong,” says Cussion Pang, Executive Chairman of Tencent Music Entertainment. “We are truly grateful to our users for being part of our ecosystem and our journey, our employees for being our greatest asset, our partners and investors for their trust in us, and all of those who have supported us in making this achievement possible.”

Source : DigitalMusicNews

Related Articles

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

NEWS7.ASIA :Tencent Music Has Lackluster Debut in Hong Kong
https://www.notre-dame-de-paris.net   https://www.espacebeauxarts.com   https://dedalusprod.com   https://les-maillots-de-bain.com   https://8a8.biz  
ELBA 42587 Protège-cahier A4 210 x 297 mm Cyan *  Dymo LetraTag LT100H Etiqueteuse *  Grisport Explorer, Chaussures de Randonnée Hautes Homme *  Alma MyMichigan Medical Heart to host breast most cancers screening occasion – The Morning Solar *  Jamie Chadwick crashes in Singapore W Series as Beitske Visser wins *  * Reisenthel OE7028 Shopping Turnbeutel, Schwarz *  Adidas Supernova M Chaussure de Course Homme *  https://chineselgz.com   https://www.nyumba-ya-mumbi.org/   https://francerestos.com   https://www.poupees-dolls.com   https://lepicerie-bleue.com   https://www.marionnettes-a-mains.com/   https://paris-pictures.org   https://saecanada.net   Tencent Music Has Lackluster Debut in Hong Kong : news7

news7.asia Tencent Music Has Lackluster Debut in Hong Kong