{调取该文章的TAG关键词}|Following NIO, Tencent Music Pursues Secondary Listing in Hong Kong without Fundraising
BEIJING, March 21 (TMTPOST)— Another Chinese company pursued homecoming listing under the renewed risk of delisting from the United States.
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Source: Visual China
Tencent Music is pursuing a secondary listing on the Main Board of the Hong Kong Stock Exchange (HKEX) through a listing way of introduction, an unusual direct listing without any offering of new shares, the executive chairman Cussion Pang announced on Monday, when his company released financial results in the fourth quarter and full year 2021. The leading online music platform in China saw a total of 76.2 million music paying users that quarter, with a robust year-over-year growth of 36% and another record following the previous quarter. The new listing is to provide shareholders with “greater liquidity and protection amid an evolving regulatory environment”, Pang suggested concern over the recent delisting risk.
This is the second U.S.-listed Chinese firm which sought listing in the home market’s financial hub by means of introduction in less than a month. At the end of February, NIO Inc, the only one of three Tesla’s Chinese rivals listed in U.S. that remained being traded outside Hong Kong, said its proposal for secondary listing by the way of introduction was approved by HKEX. The company was said to pursue listing in Singapore as well.
【{调取该文章的TAG关键词}|Following NIO, Tencent Music Pursues Secondary Listing in Hong Kong without Fundraising】Tencent Music’s move came after the U.S. Securities and Exchange Commission (SEC) for the first time identified Chinese listed companies for failing to comply with the Holding Foreign Companies Accountable Act (HFCAA), which could lead to being delisted from U.S. exchanges. On March 10, SEC added Yum China and other four Chinese issuers into its provisional list under the law. The Public Company Accounting Oversight Board, SEC’s accounting body, later said it was willing to maintain cooperation with Chinese authorities. Last week, a State Council meeting said Beijing will continue to support various kinds of businesses’ overseas listings, and revealed that China’s regulators and U.S. counterparts have made progress in regulation on U.S.-listed Chinese stocks, and are working to create a detailed plan for cooperation.
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