ReutersChina's Tencent Music will pursue a secondary listing of its shares on the Hong Kong Stock Exchange, the company said on Monday, without giving details of lot size and timeline.
Bloomberg News in February reported that the company had selected banks for its planned Hong Kong listing, which could raise as much as $5 billion and happen as soon as this year.
Separately, Tencent Music said on Monday its mainstay social entertainment services business shrank in the fourth quarter, overshadowing the company's in-line results and sending its shares down more than 9% in extended trading.
While most of its users are in the music streaming unit, social entertainment services including karaoke platforms where users can live stream concerts and shows are its biggest revenue drivers.
Revenue from social entertainment services and others fell 15.2% to 4.73 billion yuan ($742 million), while paying users in the social entertainment category slumped 16.7%.
The weakness was wrought by stiff competition from rivals and the changing macro environment, Executive Chairman Cussion Pang said.A resumption of in-person events in the quarter after COVID-19 receded in the country was expected to weigh on the company's results, according to analysts.
The results come against the backdrop of China's intense regulatory crackdown on local tech firms and threats of U.S. penalties if Beijing supports Moscow in its invasion of Ukraine.
In a bright spot, Tencent Music's online music services business posted revenue growth of 4.3%. Total revenue of the Tencent Holdings-controlled company fell 8.7% to 7.61 billion yuan, in line with market estimates, according to Refinitiv data.
Excluding items, the company earned 0.50 yuan per ADS, meeting analysts' expectations.
Bloomberg News in February reported that the company had selected banks for its planned Hong Kong listing, which could raise as much as $5 billion and happen as soon as this year.
Separately, Tencent Music said on Monday its mainstay social entertainment services business shrank in the fourth quarter, overshadowing the company's in-line results and sending its shares down more than 9% in extended trading.
While most of its users are in the music streaming unit, social entertainment services including karaoke platforms where users can live stream concerts and shows are its biggest revenue drivers.
Revenue from social entertainment services and others fell 15.2% to 4.73 billion yuan ($742 million), while paying users in the social entertainment category slumped 16.7%.
The weakness was wrought by stiff competition from rivals and the changing macro environment, Executive Chairman Cussion Pang said.A resumption of in-person events in the quarter after COVID-19 receded in the country was expected to weigh on the company's results, according to analysts.
The results come against the backdrop of China's intense regulatory crackdown on local tech firms and threats of U.S. penalties if Beijing supports Moscow in its invasion of Ukraine.
In a bright spot, Tencent Music's online music services business posted revenue growth of 4.3%. Total revenue of the Tencent Holdings-controlled company fell 8.7% to 7.61 billion yuan, in line with market estimates, according to Refinitiv data.
Excluding items, the company earned 0.50 yuan per ADS, meeting analysts' expectations.
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