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Tencent Music Entertainment Group announced a $ 1 billion share buyback plan on Sunday.
In a statement, the board of directors of the China-based music streaming service said it had authorized the repurchase of up to $ 1 billion of Class A shares, in the form of U.S. certificates of deposit, at over the next year.
“The share buyback program is a strong indication of the board’s confidence in the business outlook and long-term strategy of the company, and we believe it will ultimately benefit TME and create value for its shareholders. Board chairman Tong Tao Sang said in a statement.
The move comes days after the U.S. Securities and Exchange Commission said it had started taking action to impose tighter financial supervision on foreign-invested companies. In a statement last Wednesday, the SEC said it would begin implementing the Trump-era Foreign Corporate Liability Act, violations of which could result in delisting from U.S. stock markets.
Tencent Music stock TME,
sank 34% for the week, following the SEC announcement.
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