Tencent Music applies to be listed on the main board of the Hong Kong Stock Exchange by introduction, and trading begins on September 21.

CTOnews.com, September 15, Tencent Music announced on the Hong Kong Stock Exchange that it will be listed on the main board of the Stock Exchange of Hong Kong Limited. Class A common shares are expected to start trading on the Hong Kong Stock Exchange on Wednesday, September 21, under the symbol "1698".

Tencent Music said it had applied to the listing Committee of the Hong Kong Stock Exchange for approval of (I) issued Class An ordinary shares, (ii) under the share incentive Scheme (including any options or other awards that have been or may be granted under the share incentive Scheme) and (iii) all Class An ordinary shares that may be converted from Class B ordinary shares to be listed and traded.

Introduction to listing (Listing by Way of Introduction) is a way of secondary listing. This time, Tencent Music landed on Hong Kong stocks by introducing the listing. It does not need to issue new shares or sell shares held by existing shareholders at the time of listing, and does not involve IPO financing. Industry insiders said that Tencent Music has always maintained sound and effective management in terms of capital reserves and cash flow. By introducing the listing of Hong Kong stocks, it can not only provide investors with more choice of trading locations and more flexible trading time, but also do not dilute the interests of existing shareholders, which is conducive to the introduction of more investors, which is more beneficial to its long-term development.

Earlier, on August 16, Tencent Music released its financial results for the second quarter of fiscal 2022, showing that the total revenue in the second quarter was 6.91 billion yuan, and the net profit attributed to the company's shareholders was 856 million yuan.

Tencent Music Entertainment Group said in March that he planned to conduct a secondary listing in Hong Kong, CTOnews.com reported. It raised about $1.07 billion in an IPO in the United States in 2018. Its share price has fallen about 31% this year, with a market capitalization of about $8 billion.