Tencent Music Entertainment Group announced on Sunday plans to repurchase its $ 1 billion stake.
To statementThe board of directors of China-based music streaming services said it approved the repurchase of up to $ 1 billion in Class A shares in the form of American Depositary Receipts next year.
“The stock repurchase program underscores the board’s confidence in the company’s business outlook and long-term strategy, ultimately benefiting TME and bringing value to shareholders,” Tong Tao San, chairman of the board, said in a statement. I believe. “
The move will take place a few days after the US Securities and Exchange Commission announces that it has begun to take steps to implement stricter financial oversight of foreign-affiliated companies. In a statement last Wednesday SEC said It began enforcing the Trump era Corporate Social Responsibility Act, a breach that could lead to delisting from the US stock market.
Tencent Music Stock
It fell 34% in a week after the announcement of the SEC.
Tencent Music Announces $ 1 Billion Share Buyback Plan
http://www.marketwatch.com/news/story.asp?guid=%7B21005575-02D4-D4B5-4572-D34240591FA1%7D&siteid=rss&rss=1 Tencent Music Announces $ 1 Billion Share Buyback Plan