Tencent Music Plans $1 Billion Buyback After Archegos Selloff
- Chinese company was among names hit by U.S.-block trade spree
- Analysts say other affected companies could do buybacks
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Tencent Music Entertainment Group announced a $1 billion share buyback Monday, days after the Chinese online music company was caught up as one of the names hit by a liquidation of holdings by former Tiger Management trader Bill Hwang.
In an extraordinary series of block trades on Friday, banks including Goldman Sachs Group Inc. and Morgan Stanley wiped out $35 billion from the values of bellwether stocks, ranging from Chinese technology firms to U.S. media companies, as they sold off the holdings of Hwang’s Archegos Capital Management.