Changes in Hong Kong stocks | Tencent Music-SW (01698) rose nearly 3%, Korean entertainment giant HYBE will sell all of its shares in SM Entertainment to the company

The Zhitong Finance App learned that Tencent Music - SW (01698) rose nearly 3%. As of press release, it had risen 2.8% to HK$71.6, with a turnover of HK$9.114,600.

According to the news, according to the electronic disclosure system of the Korea Financial Supervisory Service on May 27, the Korean entertainment giant HYBE will sell all of its shares to a Hong Kong corporation under the Tencent Music Entertainment Group (“Tencent Music”) through an OTC bulk transaction after closing on the 30th of this month. The transaction amount is approximately 243.3 billion won (approximately RMB 1.29 billion).

It is reported that after the transaction is completed, HYBE will completely withdraw its investment in SM Entertainment, and Tencent Music will rise to become SM Entertainment's second-largest shareholder after Kakao. According to data, SM Entertainment is an important force in the Korean entertainment industry. It has many famous artists such as TVXQ, Super Junior, Girls' Generation, EXO, Red Velvet, and Aespa.

Previously, Tencent Music released first-quarter results. Total revenue increased 8.7% year over year to 7.36 billion yuan; adjusted net profit increased 22.8% year over year to 2.23 billion yuan. Among them, the online music business continued to grow with high quality, with online music service revenue increasing 15.9% year over year to 5.8 billion yuan; online music subscription revenue increased 16.6% year over year to 4.22 billion yuan; the number of online music paying users reached 122.9 billion, and ARPPU further increased to 11.4 yuan. While monthly subscription member users grew, exclusive high-quality content and benefits also drove the continued growth of super member users.