Tencent Music's US stock rose 4% to $12.74 in the premarket. According to the news, Citi published a report stating that Tencent Music's total revenue for the third quarter is expected to increase 7% to 7 billion yuan year-on-year, in line with market expectations. Among them, online music revenue is expected to increase 23% to 5.57 billion yuan, mainly due to a 21% increase in subscription revenue, while paying subscribers are expected to increase 15.3% year-on-year to 119 million yuan. Citi maintains a “buy” rating for Tencent Music, with a target price of $15. It is optimistic about its stable subscription revenue growth and good profit visibility, and expects the company's net profit to increase 25.6% and 16.9% for the third and fourth quarters, respectively.

Tencent Music's US stock rose 4% to $12.74 in the premarket. According to the news, Citi published a report stating that Tencent Music's total revenue for the third quarter is expected to increase 7% to 7 billion yuan year-on-year, in line with market expectations. Among them, online music revenue is expected to increase 23% to 5.57 billion yuan, mainly due to a 21% increase in subscription revenue, while paying subscribers are expected to increase 15.3% year-on-year to 119 million yuan. Citi maintains a “buy” rating for Tencent Music, with a target price of $15. It is optimistic about its stable subscription revenue growth and good profit visibility, and expects the company's net profit to increase 25.6% and 16.9% for the third and fourth quarters, respectively.