Tencent Music Makes Quiet Start in Hong Kong Stock Trading
variety.comPatrick Frater Asia Bureau Chief Shares of Tencent Music Entertainment, China’s largest online music company, made a slow but steady start Wednesday in trading on the Hong Kong Stock Exchange.
At the lunchtime trading break, the shares had climbed to HK$18.22, up from their opening at HK$18.00. They are traded under the number 1698.
The company already has a listing on the New York Stock Exchange and the debut in Hong Kong is by way of an introduction that raises no fresh capital and does not involve the issue of new shares.
The establishment of a secondary listing allows the company to reduce the risk of a delisting by the U.S. authorities or problems from Chinese authorities if they deem the company to be in breach of data security regulations.
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