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Artemis Investment Limited – Tencent Music shares open at HK$18 each in Hong Kong debut
China's Tencent Music Entertainment Group (1698.HK) shares started trading at HK$18 ($2.29) each in the company's Hong Kong listing debut on Wednesday.
The company carried out a listing by introduction which means no new shares or fresh capital was raised in the transaction.
Tencent Music said one of its U.S.-listed shares represented two of its Hong Kong shares. The opening price was flat compared to its U.S. stock which closed in New York on Tuesday at $4.58.
Hong Kong's Hang Seng Index (.HSI) is down 1.3% in early trade Wednesday and the tech index (.HSTECH) is off 1.5%.
Tencent Music's U.S. stock is down 33.1% so far in 2022, hit by negative sentiment towards Chinese tech stocks amid a regulatory crackdown on the sector.
The company became the latest in a string of U.S.-listed Chinese firms to opt for a second listing in Hong Kong to offset the threat of being delisted in New York due to a bilateral dispute between Washington and Beijing over access to auditing papers.
The two sides recently struck a deal to end the decade-long stand-off and U.S. officials have arrived in Hong Kong to start reviewing U.S.-listed Chinese companies.
Tencent Music has a market capitalisation of $7.76 billion.
($1 = 7.8496 Hong Kong dollars)
About Artemis Investment Limited:
Originally established to assist expatriates access financial services in SE Asia, Artemis Investment Limited is a leading independent, boutique financial advisory firm which now caters to a global client base.
Based in Hong Kong for the last 60 years, we have adapted our services to account for the financial world in the 21st Century. We are a borderless company whose staff come from a variety of backgrounds but are united by one attribute, customer focus and objectives above all else.
We understand that many clients know where they want to be, but may not have the knowledge on how to get there. This is where our specialist expertise within the financial services sector is essential in providing the correct timing, opportunity and ultimately, the correct result to establish a lengthy and equitable relationship. This is something that our 20,000 + clients have learnt first-hand.
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