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Tencent Music Newsroom
Asian Equities Traded in the US as American Depositary Receipts Higher Friday, Index Down 2% for Week
Express News | Tencent Music Entertainment Group - Linlin Chen Tendered Resignation From Position as Co's Group Vice President
Tencent Music Entertainment Group announced an executive management adjustment: Vice President Chen Linlin resigned due to personal reasons.
On the afternoon of July 26th, Sina Technology reported that Tencent Music Entertainment Group announced today that Linda Chen will resign as the group's vice president and other related positions due to personal reasons. The company fully respects her personal wishes and the above adjustments will take effect on September 30, 2024. Peng Jiaxin, the executive director of Tencent Music Entertainment Group, said: 'On behalf of the company, I sincerely thank Linda for her contributions to TME. During her tenure, Linda's long-term dedication and hard work have greatly helped the success of KuGou Music, making it one of the leading music platforms in China.'
Tencent Music: Linlin Chen to Resign From Position as Group Vice President, Other Roles for Personal Reasons, Effective Sept 30 >TME
Express News | Tencent Music Entertainment Group Announces Management Change
Press Release: Tencent Music Entertainment Group Announces Management Change
Express News | Shares of Companies Within the Broader Communication Services Sector Are Trading Lower Possibly in Sympathy With Overall Market Weakness
Hong Kong Stock Market Update | Tencent Music-SW(01698) rose nearly 4%, Goldman Sachs believes that the net increase in paid users in the second quarter will be about 3.7 million, with strong momentum in the music business.
Tencent Music-SW (01698) rose nearly 4%. As of press time, it increased by 3.90% to HKD 58.60, with a turnover of HKD 3.147 million.
Tencent Music (01698) rose 3.9%. Competitor Spotify (SPOT) reversed its loss year-on-year in Q2.
Music streaming service provider Spotify (SPOT) reversed its losses year-on-year in the second quarter, driving the upward trend of Tencent Music (01698) in the morning, which rose 3.9% to HKD 58.6 as of press time, with a turnover of HKD 30.357 million. On the news front, Spotify (SPOT) announced its second quarter financial performance. The net income was EUR 0.274 billion (USD 0.298 billion), compared to a loss of EUR 0.302 billion in the same period last year. The earnings per share were EUR 1.33. During the period, revenue increased by 20.2% year-on-year to EUR 3.81 billion (USD 4.14 billion), according to analysis.
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Goldman Sachs expects tencent music-SW (01698) second-quarter subscription revenue to increase by 30% and gives a "buy" rating with a target price of HKD 62.3.
In the second quarter of Tencent Music, subscription revenue growth reached 30% until mid-July, considering the high willingness and retention rate of users paying for subscriptions, it is estimated that net growth of quarterly paid users will be approximately 3.7 million.
Express News | PDD Holdings Down 3.3%, Baidu Down 6.3%
Express News | U.S.-Listed Shares of Chinese Firms Fall as Bets of Trump's White House Return Rise
Express News | Ishares China Large Cap ETF Down 1.9%, Kraneshares CSI China Internet ETF Down 3.1%
Express News | Li Auto Down 4.9%, JD.com Slips 4.4%, NIO Falls 6.4%, Xpeng Losses 5.8%
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6-K: Report of foreign private issuer (related to financial reporting)
The board of directors of Tencent Music Entertainment Group (01698.HK) will review the performance announcement for the second quarter on August 12th.
Tencent Music-SW (01698.HK) announced on July 12th that the Board of Directors will consider and vote on the unaudited performance and announcement of the three-month and six-month period ending on June 30, 2024 (second quarter performance announcement) on August 12, 2024.
TME-SW: NOTICE OF BOARD ACTION AND DATE OF PUBLICATION OF SECOND QUARTER RESULTS ANNOUNCEMENT