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

See Also: What's Going On With Tesla Stock Today

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.

Market News and Data brought to you by Benzinga APIs
Posted In: MoversTrading Ideaswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!