76 trading days and -62.54% at the low. 😅
Yes, things are heating up at Tencent Music Entertainment and I don't like your share at all at the moment. Yesterday, only once again new bad news ran over the ticker. 🥲
As is so often the case with Chinese stocks, the government was involved in the latest news. Currently, the company still has exclusive rights with some labels and therefore a big advantage over smaller competitors. However, these "special rights" are to be dissolved. In addition, there is a penalty of around USD 77 billion, which relates to the purchases of two apps (Kuwo and Kuguo) that were not properly reported at first. However, the penalty is said to be milder than originally thought. 😅
Source: Reuters