Tencent Music Entertainment Has Muted Debut in Hong Kong

By Yifan Wang

Tencent Music Entertainment Group made a muted debut in Hong Kong as the music-streaming platform became the latest U.S.-listed Chinese company to have its shares traded closer to home.

The stock moved little in early trading Wednesday and was recently 1.2% higher at 18.22 Hong Kong dollars (US$2.32).

The company, controlled by Chinese tech giant Tencent Holdings Ltd., last week said it would start trading in Hong Kong through a listing by introduction. Such a deal allows a company to join the public market without raising capital or issuing new shares.

This method of going public has gained traction this year in Hong Kong as Chinese companies seek to head off the threat of U.S. delistings while market turmoil in the city makes it hard to raise new funds at attractive prices.

Chinese electric-vehicle maker NIO Inc., real-estate broker KE Holdings Inc. and fintech company OneConnect Financial Technology Co. have all listed by introduction this year.

Write to Yifan Wang at [email protected]