Music business

Tencent Music Entertainment goes public in Hong Kong

Tencent Music Entertainment Group has successfully listed on the main board of the Hong Kong Stock Exchange.

The Chinese music streaming giant launched its secondary listing in Hong Kong on Tuesday (September 20) as an IPO, meaning the company hasn’t raised any new funds or issued any new shares (unlike traditional IPOs). .

Shares of TME, which operates music services QQ Music, Kugou and Kuwo, began trading on the SEHK under the stock code “1698” in lots of 100 shares, and the short name of the stock is TME .

The Company’s American Depositary Shares (ADS), representing two Shares each, remain primarily listed and traded on the New York Stock Exchange.

Shares listed on the Main Board of the SEHK are fully fungible with ADS listed on the NYSE.

TME confirmed last week that it was preparing to launch a secondary listing in Hong Kong as an IPO.

The news confirmed a report of Bloomberg about TME’s plan to go public in Hong Kong.

TME’s Hong Kong listing comes nearly four years after the company began trading on the New York Stock Exchange (December 12, 2018).

TME is not the only player in the music streaming market to be listed on the Hong Kong Stock Exchange. Rival NetEaseCloud Village, a subsidiary of , which operates a music streaming service NetEase Cloud Musiclisting on the Hong Kong Stock Exchange in December 2021.

“We are proud to celebrate our successful listing on the Main Board of the Hong Kong Stock Exchange.”

Cussion Pang, TME

Cussion Pang, Executive Chairman of TME, said, “We are proud to celebrate our successful listing on the main board of the Hong Kong Stock Exchange.

“We are truly grateful to our users for being part of our ecosystem and our journey, to our employees for being our greatest asset, to our partners and investors for their trust in us, and to everyone who has supported us to make this achievement possible.

“In the future, we will continue to expand the frontiers of music entertainment, elevate its role in people’s lives, and shape the future of China’s digital music industry while sharing our success with all our stakeholders.


TME reported last month that it ended the second quarter of 2022 with 82.7 million paying music users.

TME generated revenue of 2.11 billion RMB (315 million USD) for its music streaming services, including QQ Music, Kugou Music and Kuwo Music, in the quarter ending June 30.

The company added a total of 2.5 million paid music users in the second quarter compared to the end of Q1 2022.

Spotify, by comparison, added 6 million net Premium subscribers in the second quarter, bringing its global subscriber base to 188 million.The music industry around the world