Shulou(Shulou.com)11/24 Report--

According to the news on the morning of September 21, today, Tencent Music Entertainment Group Group (NYSE:TME) officially listed on the Hong Kong Stock Exchange as an introduction listing under the stock symbol "1698". On its first day of listing, it opened at HK $18 per share, with a market capitalization of HK $61.779 billion.

Peng Jiaxin, Executive Chairman of Tencent Music Entertainment Group Group, said: "it gives me great pleasure to join you in celebrating our successful listing on the Stock Exchange of Hong Kong. Here, we sincerely thank the vast number of users for their choice, the efforts of every TME employee who loves music and strives for the development of the industry, and the trust of our partners and investors; at the same time, we also thank all the musicians and industry colleagues who have supported and accompanied us for a long time, who have made joint efforts to achieve this milestone. Looking to the future, we will continue to expand the boundaries of music entertainment and let music play a more role in people's lives. While promoting the healthy, diversified and sustainable development of China's music industry, we will also share this hard-won valuable achievement with every colleague in the music industry. "

JPMorgan Chase and Goldman Sachs are co-sponsors of the listing, while Morgan Stanley, CICC, HSBC and UBS are joint financial advisers. Tencent Music's American depositary shares ("ADSs") will continue to be listed and traded on the New York Stock Exchange ("NYSE"). Among them, each ADS represents two shares, and the shares listed on the main board of the Stock Exchange are fully convertible with the ADSs listed on the New York Stock Exchange.

In the first half of this year, shell, Ulay Motor and other Chinese enterprises also adopted the introduction listing method to successfully land in Hong Kong stocks. It is understood that the introduction of listing (Listing by Way of Introduction) is a way of secondary listing, this time Tencent Music to introduce the listing of Hong Kong stocks, there is no need to reissue new shares or sell shares held by existing shareholders at the time of listing, and does not involve IPO financing.

Tencent owns 53.2 per cent of Tencent Music and has 90.4 per cent of the voting rights, making it its controlling shareholder, while Spotify holds 8.3 per cent, according to the prospectus.

In terms of the board of directors, Peng Jiaxin, Liang Zhu, Xie Zhenyu, James Gordon Mitchell, Brent Richard Irvin and Zheng Runming are appointed directors, while Yan Wenling, Mak Youji and Chen Jianyin are independent directors.

According to the prospectus, Tencent Music earned 25.4 billion yuan, 29.2 billion yuan and 31.2 billion yuan in revenue and 4 billion yuan, 4.2 billion yuan and 3.2 billion yuan in net profit in 2019, 2020 and 2021, respectively. In addition, according to its latest financial data released on August 16, Tencent Music's net profit in the second quarter of 2022 under non-international financial reporting standards was 1.07 billion yuan, up 13.4% from the previous quarter.

According to the results of the second quarter, the number of mobile active users of Tencent Music's online music service in the second quarter was 593 million, while that of social entertainment service was 166 million. Among them, the number of paying users of online music service is 82.7 million, and the number of paying users of social entertainment service is 7.9 million.

As of June 30, 2022, the company held cash, cash equivalents, term deposits and short-term investments of 25.8 billion yuan.

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