China's Tencent Music hits record high on quarterly revenue beat

Tencent Music Entertainment

20/03/2024 08:03

** Hong Kong shares of China's Tencent Music Entertainment
Group  1698.HK  jump 12.6% to HK$45.05, their highest since
debut in September 2022
    ** Stock marks the biggest daily pct gain since November
2022 
    ** U.S.-listed stock  TME.N  rose 6.4% on Tuesday
    ** Tencent Music beat fourth-quarter revenue estimates on
Tuesday, driven by growth in paid subscription on its
Spotify-like music streaming platform
    ** Citi upgrades the stock to "buy" from "neutral" saying
Tencent Music's reults came ahead of expectation  
    ** Hang Seng Tech Index  .HSTECH  gains 0.7%, Hang Seng
Composite Index  .HSCI  climbs 0.3% and Hang Seng Index  .HSI 
adds 0.2%
    ** Hong Kong-listed stock up 31.5% YTD  

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))