Sep 21, 2022 05:46 PM

BUSINESS

Tencent Music Rises in Hong Kong After Debut Without Fresh Funds

The Exchange Square Complex, which houses the Hong Kong Stock Exchange, in Hong Kong on July 13. Photo: Bloomberg

The Exchange Square Complex, which houses the Hong Kong Stock Exchange, in Hong Kong on July 13. Photo: Bloomberg

(Bloomberg) — Tencent Music Entertainment Group traded higher in Hong Kong’s exchange on Wednesday after a listing that didn’t involve selling new shares or raising funds.

The stock traded as high as HK$18.22 ($2.32) on Wednesday, having started at HK$18 in the Asian city. Two class A shares in Hong Kong are equivalent to one American depository receipt in New York. The ADRs closed at $4.58 on Tuesday.

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