Tencent Music rose approximately 2.4% in pre-market trading, reaching $10.69. In terms of news, Citigroup released a research report stating that it is bullish on Chinese internet companies and listed its favorite Chinese internet stocks. Tencent Music is among them, and Citigroup believes that it has good defensive qualities and that its revenue growth may be more sustainable. Data shows that in the second quarter, the profitability of Chinese internet companies generally outperformed their revenue performance. Citigroup believes that one reason for the lower-than-expected revenue is that companies are actively reducing subsidies and focusing on improving the quality of investment returns, which in turn supports more companies in achieving stronger profits. Analysts expect this trend to continue into the second half of the year, and although revenue growth may slightly slow down, the prospects for profitability may further improve.