Tencent Music shares debut on Hong Kong inventory trade | Expertise


Agency is newest US-listed Chinese language agency to go for a second itemizing to offset the specter of being delisted in New York.

China’s Tencent Music Leisure Group shares began buying and selling at $18 Hong Kong {dollars} ($2.29) every within the firm’s Hong Kong itemizing debut.

The web music firm’s debut in Hong Kong on Wednesday comes after it introduced final week that New York would stay its main itemizing venue.

The corporate carried out a list by introduction, which implies no new shares or capital had been raised within the transaction.

Tencent Music mentioned one in all its US-listed shares represented two of its Hong Kong shares. The opening value was flat in contrast with its US inventory which closed in New York on Tuesday at $4.58.

Hong Kong’s Grasp Seng Index is down 1.three % in early commerce Wednesday and the tech index is off 1.5 %.

Tencent Music’s US inventory is down 33.1 % thus far in 2022, hit by detrimental sentiment in direction of Chinese language tech shares amid a regulatory crackdown on the sector.

The corporate turned the most recent in a string of US-listed Chinese language corporations to go for a second itemizing in Hong Kong to offset the specter of being delisted in New York attributable to a bilateral dispute between Washington and Beijing over entry to auditing papers.

The 2 sides just lately struck a deal to finish the decade-long standoff and US officers have arrived in Hong Kong to start out reviewing US-listed Chinese language corporations.

Tencent Music has a market capitalisation of $7.76bn.

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