tencent.jpg
Middle East News

Tencent Music shares debut on Hong Kong inventory change | Expertise – EAST AUTO NEWS

Tencent Music shares debut on Hong Kong inventory change | 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 major itemizing venue.

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

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

Hong Kong’s Dangle Seng Index is down 1.3 % in early commerce Wednesday and the tech index is off 1.5 %.

Tencent Music’s US inventory is down 33.1 % to this point in 2022, hit by unfavourable 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 resulting from 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 begin reviewing US-listed Chinese language corporations.

Tencent Music has a market capitalisation of $7.76bn.

Tencent Music shares debut on Hong Kong inventory change | Expertise – EAST AUTO NEWS
Comments

TOP STORIES

To Top
SELECT LANGUAGE »