Sarah Patel's Avatar
published in Blogs
Mar 29, 2021
Tencent Music (TME, $20.04) to buy back $1 billion in shares

Tencent Music (TME, $20.04) to buy back $1 billion in shares

On Sunday, Tencent Music Entertainment Group announced a plan to repurchase $1 billion in shares.

The China-based music-streaming service has authorized a buyback of up to $1 billion in Class A shares, in the form of American depositary receipts, over the next year.

“The share repurchase program is a strong indication of the board’s confidence in the company’s business outlook and long-term strategy, and we believe it will ultimately benefit TME and create value for its shareholders,” board Chairman Tong Tao Sang said in a statement.

Tencent’s share buyback announcement comes days after the U.S. Securities and Exchange Commission said would start implementing the Holding Foreign Companies Accountable Act, violations of which could result in delisting from U.S. stock markets.

Related Tickers: TME