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BUZZ-Tencent jumps; says it has ended exclusive music deals after crackdown

reuters.com · 09/01/2021 00:22
BUZZ-Tencent jumps; says it has ended exclusive music deals after crackdown

** Shares of Tencent Holdings TCEHY rise 2.8% to HK$494.60, the highest since July 26

** Stock is most actively traded by turnover; the fourth biggest percentage gainer on the Hang Seng Commerce & Industry Index .HSNC

** Tencent said on Tuesday it has ended all exclusive music copyright agreements after Chinese regulators barred it from such deals last month and said it would continue to cooperate and engage with the parties in a non-exclusive way nL1N2Q20Z1

** Chinese regulators have targeted Tencent and other Chinese tech giants in a widening crackdown that has focused on issues such as monopolistic behaviour, unfair competition and consumer rights nL1N2PP031

** The Hong Kong Hang Seng Commerce & Industry Index .HSNC climbs 0.6% and the Hang Seng Tech Index .HSTECH jumps 1.8%

** The Hang Seng China Enterprises Index .HSCE rises 1.4% and the benchmark index .HSI gains 0.6%

** As of last close, the stock had fallen 14.7% this year


(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))