Tencent Music Pushes Hong Kong Listing As Soon As Next Week: Report

Tencent Music Pushes Hong Kong Listing As Soon As Next Week: Report
  • Tencent Music Entertainment Group TME is working with advisers on the preparations for its second listing in Hong Kong, intending to start trading as soon as next week, Bloomberg reported citing people familiar with the matter.
  • The company said marketing activities could start as early as in the coming days.
  • Deliberations are ongoing, and details of the listing, including the timeline, could still change.
  • Tencent Music in March said it plans to pursue a secondary listing in Hong Kong.
  • An increasing number of U.S.-listed Chinese tech companies have completed dual listings in Hong Kong to cope with risks stemming from political tensions between the U.S. and China.
  • Tencent Music plans to list its shares in Hong Kong by introduction, a process that doesn’t involve sales of new shares.
  • Tencent Music raised about $1.07 billion in a U.S. initial public offering in 2018. 
  • Price Action: TME shares are up 0.63% at $4.79 during the premarket session on the last check Wednesday.
  • Photo Via Company

Posted In: BriefsLarge CapNewsPenny StocksIPOsTechMediaGeneral