Tencent Music eyes Hong Kong listing

Tencent Music Entertainment Group is pushing ahead with its Hong Kong listing plans with the aim of starting trading in the Asian financial hub as early as next week, according to people familiar with the matter.

The Shenzhen-based company, whose shares are already trading in New York, is working with advisers on preparations for its second listing, the sources said. Marketing activities could begin as early as the next few days, said the people, who asked not to be identified because the information is private.

Deliberations are ongoing and registration details, including timing, could still change, the people said. A representative for Tencent Music did not immediately respond to requests for comment.

In March, Tencent Music announced plans to pursue a secondary listing in Hong Kong, joining a wave of Chinese companies seeking an alternative listing as escalating Sino-US tensions fuel delisting risks. The listing in the Asian financial hub would be an IPO, meaning it won’t sell new shares or raise funds.

Tencent Music raised approximately US$1.1 billion in an initial public offering in the United States in 2018. Tencent Music shares have fallen 31% this year, giving it a market value of US$8 billion. dollars. — Pei Li, (c) 2022 Bloomberg LP

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