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(Reuters) China’s Tencent Music Leisure Group shares began buying and selling at HK$18 ($2.29) every within the firm’s Hong Kong itemizing debut on Wednesday.
The net music firm introduced final week that whereas New York would stay its main itemizing venue it will begin buying and selling its shares in Hong Kong.
The corporate carried out a list by introduction which implies no new shares or contemporary capital was raised within the transaction.
Tencent Music mentioned one in every of its U.S.-listed shares represented two of its Hong Kong shares. The opening worth was flat in comparison with its U.S. inventory which closed in New York on Tuesday at $4.58.
Hong Kong’s Grasp Seng Index is down 1.3% in early commerce Wednesday and the tech index is off 1.5%.
Tencent Music’s U.S. inventory is down 33.1% to this point in 2022, hit by adverse sentiment in the direction of Chinese language tech shares amid a regulatory crackdown on the sector.
The corporate turned the newest in a string of U.S.-listed Chinese language corporations to go for a second itemizing in Hong Kong to offset the specter of being delisted in New York as a result of a bilateral dispute between Washington and Beijing over entry to auditing papers.
The 2 sides not too long ago struck a deal to finish the decade-long stand off and U.S. officers have arrived in Hong Kong to begin reviewing U.S.-listed Chinese language corporations.
Tencent Music has a market capitalization of $7.76 billion.
($1 = 7.8496 Hong Kong {dollars})
Supply: Reuters; Reporting by Scott Murdoch and Donny Kwok; Modifying by Christian Schmollinger and Stephen Coates September 20, 2022 6:42 PM PDT
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