Agency is newest US-listed Chinese language agency to go for a second itemizing to offset the specter of being delisted in New York.
China’s Tencent Music Leisure Group shares began buying and selling at $18 Hong Kong {dollars} ($2.29) every within the firm’s Hong Kong itemizing debut.
The net music firm’s debut in Hong Kong on Wednesday comes after it introduced final week that New York would stay its main itemizing venue.
The corporate carried out an inventory by introduction, which implies no new shares or capital have been raised within the transaction.
Tencent Music stated certainly one of its US-listed shares represented two of its Hong Kong shares. The opening value was flat in contrast with its US inventory which closed in New York on Tuesday at $4.58.
Hong Kong’s Grasp Seng Index is down 1.3 p.c in early commerce Wednesday and the tech index is off 1.5 p.c.
Tencent Music’s US inventory is down 33.1 p.c thus far in 2022, hit by damaging sentiment in direction of Chinese language tech shares amid a regulatory crackdown on the sector.
The corporate turned the most recent in a string of US-listed Chinese language corporations to go for a second itemizing in Hong Kong to offset the specter of being delisted in New York on account of a bilateral dispute between Washington and Beijing over entry to auditing papers.
The 2 sides lately struck a deal to finish the decade-long standoff and US officers have arrived in Hong Kong to begin reviewing US-listed Chinese language firms.
Tencent Music has a market capitalisation of $7.76bn.