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Tencent Music Pushes Hong Kong Listing As Soon As Next Week: Report

Benzinga · 09/14/2022 07:30
  • Tencent Music Entertainment Group (NYSE:TME) is working with advisers on the preparations for its second listing in Hong Kong, intending to start trading as soon as next week, Bloomberg reported citing people familiar with the matter.
  • The company said marketing activities could start as early as in the coming days.
  • Deliberations are ongoing, and details of the listing, including the timeline, could still change.
  • Tencent Music in March said it plans to pursue a secondary listing in Hong Kong.
  • An increasing number of U.S.-listed Chinese tech companies have completed dual listings in Hong Kong to cope with risks stemming from political tensions between the U.S. and China.
  • Tencent Music plans to list its shares in Hong Kong by introduction, a process that doesn’t involve sales of new shares.
  • Tencent Music raised about $1.07 billion in a U.S. initial public offering in 2018. 
  • Price Action: TME shares are up 0.63% at $4.79 during the premarket session on the last check Wednesday.