Tencent Music was trading at $4.2357 as of 12:22 PM EDT.
After a listing on Wednesday in Hong Kong that didnt involve the sale of additional shares or a fundraiser, Tencent Music Entertainment Group (NYSE:TME) saw its share price initially rise. On Wednesday, the stock started at HK$18 and ended at HK$18.22. One American depository receipt in New York is equivalent to two class A shares in Hong Kong. On Tuesday, the ADRs were closed at $4.58 (HK$35.95).
The Shenzhen-based company opted for an introduction, which is a quicker and simpler process for businesses that have already been listed elsewhere, to make its debut in the Asian financial capital. The company run by tech giant Tencent Holdings Ltd. is one of a growing number of Chinese businesses deciding to list domestically as rising Sino-US tensions increase the possibility of delisting from US markets.
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Holders of ADRs will have the option to cancel their ADRs and get equivalent class A shares in Hong Kong, per the listings provisions. Worldwide valuations for businesses looking to go public this year through conventional initial public offerings were constrained by volatile equity markets, high inflation, and rising interest rates. As a result, there has been a decline in the amount of money raised in places like New York, London, and Hong Kong.
Tencent Stock Price Overview
Using the same procedure, electric vehicle manufacturer Nio Inc. made its debut in Hong Kong in March and later started trading there. OneConnect Financial Technology Co. and KE Holdings Inc., two US-listed platforms for housing transactions and services, followed a similar course earlier this year.
Tencent stock (NYSE:TME) is currently trading nearly two-thirds below its listing price, which was used to generate approximately $1.07 billion through a new share sale in New York four years ago.
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Author: Jowi Kwasu
Market Jar Media Inc.
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Vancouver, BC, Canada
The post Tencent Stock Is Still Sluggish as Company Advances in Hong Kong Following Debut Without New Funds first appeared on Fit Curious.
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