Tencent Music-SW (01698) rose nearly 5%. As of press time, it increased by 4.8% and reported a price of 57.9 Hong Kong dollars, with a turnover of 7.285 million Hong Kong dollars.
According to the news from the Intellicemt Finance APP, Tencent Music-SW (01698) rose nearly 5%. As of press time, it increased by 4.8% and reported a price of 57.9 Hong Kong dollars, with a turnover of 7.285 million Hong Kong dollars.
On the news side, GMM Music in Thailand announced that the company has reached a strategic cooperation with Tencent Music Entertainment Group and Tencent. As part of the agreement, Tencent Music and Tencent will acquire 10% of GMM Music's shares for approximately US$70 million in cash and minority stakes in JOOX Thailand.
Bank of America Merrill Lynch previously indicated that the group's comprehensive content ecosystem and diversified user coverage further promote its market share growth in China. In addition, the structural changes in the cost of music business and the combination of licensed and internal products provide upward space for its profit growth.