The Tencent Music Entertainment Group announced that its shares will begin trading in Hong Kong on the following Wednesday. The business said that New York would continue to be its principal listing location and that its shares in the United States and Hong Kong would be completely fungible.
The stock code 1698 will be used to trade its Hong Kong shares. Tencent Music is the most recent Chinese company with a U.S. listing to choose a secondary listing in Hong Kong. The corporation now has a market worth of $8.1 billion after its shares have fallen 30% so far this year.
In the second quarter that concluded on June 30, Tencent Music reported an 18% increase in music subscription revenue in August. A regulatory crackdown and unfavorable attitude against Chinese tech firms are hurting its shares.