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Tencent Music Rises in H.K. After Debut Without Fresh Funds

  • US-listed company chose to debut by way of introduction
  • Tencent Music joins slew of firms taking similar trading route
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WATCH: Tencent Music began trading in Hong Kong, joining a growing group of Chinese companies listing in Asia without raising any money. Filipe Pacheco reports.Source: Bloomberg
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Tencent Music Entertainment Group traded higher in Hong Kong’s exchange on Wednesday after a listing that didn’t involve selling new shares or raising funds.

The stock closed at HK$18.22 on Wednesday, having started at HK$18. Two class A shares in Hong Kong are equivalent to one American depository receipt in New York. The ADRs closed at $4.58 (HK$35.95) on Tuesday.