Tencent Music Entertainment Group successfully listed on the Main Board of the Hong Kong Stock Exchange.
The Chinese music streaming giant launched its secondary listing in Hong Kong as an introduction on Tuesday (September 20).
Shares of TME, which operates the music services QQ Music, Kugou and Kuwo, will begin trading on SEHK in units of 100 shares under the stock code “1698” and the stock abbreviation will be TME.
The Company’s American Depository Shares (ADS) are each equal to two shares and are primarily listed and traded on the New York Stock Exchange.
Stocks listed on the SEHK Main Board are fully interchangeable with ADSs listed on the NYSE.
TME confirmed last week that it is preparing for a secondary listing in Hong Kong following the introduction.
The news confirmed a report by bloomberg Regarding TME’s plans to go public in Hong Kong.
TME’s listing in Hong Kong comes almost four years after it began trading on the New York Stock Exchange (December 12, 2018).
TME is not the only music streaming market listed on the Hong Kong Stock Exchange. His rival NetEase subsidiary Cloud Village (which operates music streaming service NetEase Cloud Music) will go public on the Hong Kong Stock Exchange in December 2021.
“We are proud to celebrate our successful listing on the Main Board of the Stock Exchange of Hong Kong.”
Cushion Pan, TME
Cussion Pang, Executive Chairman of TME, said:
“Our ecosystem and the users who are part of our journey, our greatest assets, our employees, our partners and investors who have trusted us, and our commitment to making this achievement possible. Thank you very much to all the people who have supported us.
“In the future, we will continue to expand the frontiers of music entertainment, enhance its role in people’s lives, shape the future of China’s digital music industry, and share our success with all stakeholders.”
TME reported last month that it ended Q2 2022 with 82.7 million paying music users.
In the quarter ended June 30, TME generated revenue of RMB2.11 billion (US$315 million) from its music streaming services, including QQ Music, Kugou Music and Kuwo Music.
The company added a total of 2.5 million paying music users in Q2 2022 compared to the end of Q1 2022.
By comparison, Spotify added 6 million net premium subscribers in the second quarter, increasing its global subscriber base to 188 million.global music business