What's Going On With Tencent Music Entertainment Stock Today

Shares of Chinese companies, including Tencent Music Entertainment Group - ADR TME, are trading higher Friday afternoon. It was earlier reported China is aiming to take golden shares in units of Tencent and Alibaba. The recent reopening of China may also be lifting Chinese stocks.

What Happened?

Our Benzinga team reported China is potentially acting to take “golden shares” in local units of Alibaba and Tencent Holdings as part of the government’s efforts to have a greater role in overseeing the country’s large technology groups.

While the government backed away from heavy-handed fines and sanctions to rein in the country’s largest tech groups, it is increasingly snapping up small equity stakes in the local operations of big tech firms such as TikTok owner ByteDance, reported the Financial Times.

The stakes, usually a 1% share of internet groups’ key companies, are similar to “golden shares” as they have special rights over certain business decisions, the report said....Read More

According to data from Benzinga Pro, Tencent Music Entertainment Group has a 52-week high of $9.29 and a 52-week low of $2.95.