Tencent Music Entertainment Group has started trading in Hong Kong starting at HK$18 each. Currently, Hong Kong’s Hang Sang Index is down by 1.3% and their tech index is down by 1.5% and the company has yet to earn capital or possess new shares from the Hong Kong market.
Tencent Music Entertainment Group, an online music company has begun trading its company shares on the Hong Kong market starting at HK$18 each since Wednesday. They have begun to do so, without raising any funds.
Tencent Music Entertainment Group had announced the week before that New York would remain as their primary trading venue and would begin sharing trades in the Hong Kong market.
The company was listed by introduction hence yet to earn capital or new shares from its transactions in Hong Kong.
The online music company mentioned that its US-listed shares represented two of their Hong Kong shares whose opening price was flat compared to the US stocks which closed on Tuesday at $4.58.
On Wednesday, Hong Kong’s Hang Sang Index (HSI) is down 1.3% and the tech (HSTECH) index is down by 1.5%.
Tencent Music’s US stocks have been having a rough time, it is down by 33.1% till now in 2022. This company is the latest US listing by Chinese firms for the second listing in Hong Kong to diminish the risk of being delisted in New York due to tension between Beijing and Washington for access to auditing papers.
The two sides, Washington and Beijing made a deal to end the decades-long conflict between the two. The US officials have arrived in Hong Kong to review the US-listed Chinese companies.
Tencent Music had raised around $1.07 billion through stock trading in New York four years ago. However now, they are sharing their trades at two-thirds below their listing price.
