Tencent Music Entertainment Group has successfully listed on the Main Board of The Hong Kong Stock Exchange.
The Chinese music streaming giant launched its secondary listing in Hong Kong on Tuesday (September 20) by way of introduction, meaning that the company did not raise new funds or issue new shares (unlike in traditional IPOs).
Shares for TME, which operates music services, QQ Music, Kugou and Kuwo, started trading on the SEHK under the stock code “1698” in board lots of 100 Shares, and the stock short name is TME.
The Company’s American Depositary Shares (ADSs) each representing two Shares, remain primarily listed and traded on the New York Stock Exchange.
The Shares listed on the Main Board of the SEHK are fully fungible with the ADSs listed on the NYSE.
TME confirmed last week that it was preparing to launch a secondary listing in Hong Kong by way of introduction.
The news confirmed a report by Bloomberg about TME’s plan to go public in Hong Kong.
TME’s listing in Hong Kong comes nearly four years after the firm started trading on the New York Stock Exchange (on December 12, 2018).
TME is not the only player in the music streaming market to trade on the Hong Kong Stock Exchange. Rival NetEase‘s subsidiary Cloud Village – which operates music streaming service NetEase Cloud Music – listed 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.”
Cussion Pang, TME
Cussion Pang, Executive Chairman of TME, said: “We are proud to celebrate our successful listing on the Main Board of The Stock Exchange of Hong Kong.
“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 those who have supported us in making this achievement possible.
“Going forward, we will continue to expand the frontier of music entertainment, elevating its role in people’s lives and shaping the future of China’s digital music industry while sharing our success with all of our stakeholders.”
TME reported last month that it ended Q2 2022 with 82.7 million paying music users.
TME generated revenues of RMB 2.11 billion (USD $315 million) for its music streaming services including QQ Music, Kugou Music and Kuwo Music in the quarter ending June 30.
The company added a total of 2.5 million paying music users in Q2 versus the end of Q1 2022.
Spotify, by comparison, added 6 million net Premium subscribers in Q2, bringing its global subscriber base to 188 million.Music Business Worldwide