Why Tencent Music Entertainment (TME) Shares Hit A New 52-Week High Today

Tencent Music Entertainment Group - ADR TME shares are trading higher by some 5.99% to $9.12 Wednesday afternoon. Shares of Chinese companies at large are trading higher after Chinese regulators reportedly approved a capital raise for Ant Group.

What's Happening?

The China Banking and Insurance Regulatory Commission division approved the company’s plan to raise its capital to 18.5 billion yuan, reported Bloomberg, citing a notice dated Dec. 30.

Following the deal, Ant, which contributed 5.25 billion yuan, will control half of its shares while a unit owned by the city of Hangzhou will hold 10%, the report said...Read More

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TME is the largest online music service provider in China.

According to data from Benzinga Pro, Tencent Music Entertainment has a 52-week high of $9.29 and a 52-week low of $2.98.