On June 20th, Glory Hui reported that China Merchants Securities released a report stating that Tencent Music management continues to focus on improving user experience to promote user growth and launched a new APP homepage interface at the beginning of the year. In addition, the company continues to enrich its content library. Due to the clear prospect of profit improvement in online music, the profit margin level gradually expands and steadily converges with Tencent Music, and promotes the continuous recovery of valuation. This year, the drag on the group from its social entertainment business will gradually decrease, and the H-share target price will be raised from HKD 130 to HKD 143. The report also pointed out that Alibaba continues to reduce its stake in Tencent Music. In April of this year, Alibaba reduced its shareholding ratio from 9.35% to 8.32%, and recently, on June 6th, the shareholding ratio further decreased to 7%. The bank believes that this is Alibaba's consideration to reduce non-core investments and focus on expanding core businesses, and at the same time believes that this will not affect the basic prospects of Tencent Music and the cooperation with Alibaba through the 88VIP plan.