The company also revealed that both its US and Hong Kong stocks will be fully fungible which means that stocks bought or sold in one market can be converted or sold in another.
Tencent Music Entertainment Group has announced that the proposed secondary listing of its Class A shares is due to start trading by way of introduction on the Main Board of The Stock Exchange of Hong Kong Limited.
Way of introduction enables a company to list its shares more quickly without having to sell additional shares or raise more money. Because the current shares of these firms are frequently held by a large number of investors, there will likely already be a demand for their stock after the new listing, even without marketing plans by underwriters.
The SEHK granted the Company a letter of in-principle approval on September 14, 2022, for the secondary listing of the Shares on the SEHK’s Main Board.
The listing document for the Shares’ planned secondary listing on the SEHK’s Main Board by means of introduction was also made available online on September 15, 2022.
Tencent Music stated that its Class A ordinary shares are valued at US$0.000083 per share, adding that its American Depositary Shares (the “ADSs”), each of which represents two Shares, will continue to be listed and traded principally on the New York Stock Exchange.
The company also revealed that both its US and Hong Kong stocks will be fully fungible which means that stocks bought or sold in one market can be converted or sold in another.
Tencent Music adds that subject to final listing approval from the SEHK, its Shares are expected to start trading on the Main Board of the SEHK on September 21, 2022, under the stock code ‘1698.HK.’
Tencent Music is the most recent among numerous Chinese companies with US listings to choose a secondary listing in Hong Kong in order to avoid being delisted in New York as a result of a disagreement between Washington and Beijing over access to auditing files.
The company’s listing comes less than a month after China and the US agreed to give the US Public Company Accounting Oversight Board access to Chinese audit data.
Hong Kong will play host this month to a meeting of the auditing representatives from the two sides, although it is not anticipated that all difficulties will be resolved.
JPMorgan Securities Limited and Goldman Sachs (Asia) LLC are reportedly serving as joint sponsors for the proposed secondary listing on the Stock Exchange of Hong Kong Limited.
Tencent Music Entertainment Group is the leading online music and audio entertainment platform in China.
The company boasts of the most popular and highly innovative music streaming apps in China which include QQ Music, Kugou Music, Kuwo Music, and WeSing.
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