Tencent Music's Hong Kong shares hit record high on quarterly revenue beat

Tencent Music Entertainment

13/08/2025 02:56

** Hong Kong-listed shares of Tencent Music Entertainment 1698.HK rise 17.8% to HK$104, their highest point since debut in September 2022, and on course for a fifth consecutive session of gains

** Stock marks its biggest intraday pct rise since November 2022

** Top pct gainer on Hang Seng Tech Index .HSTECH and Hang Seng Composite Index .HSCI, which rise 1.3% and 1.1%, respectively

** U.S.-listed stock TME.N rose 11.9% on Tuesday at $25.39, the highest close since March 2021

** The Chinese streaming company beat estimates for second-quarter revenue on Tuesday as an expanded content library drove higher user engagement and robust subscriber growth in its online music services

** Citi maintains "buy" on the stock, citing that it remains positive on Tencent Music's resilient subscription revenue with upside from ad monetization

** Jefferies keeps "buy" and lifts PT to $28 from $26 as it revises up revenue and non-IFRS earnings estimates of the firm on better outlook

** YTD, Hong Kong shares up 128%, U.S. stock up 123.7%

 (Reporting by Donny Kwok)

 ((donny.kwok@thomsonreuters.com))