TENCENT MUSIC announces $1 billion share buyback program, its biggest ever
MON, MAR 29 20211:40 AM EDTUPDATED MON, MAR 29 20211:40 AM EDT
Tencent Music Entertainment Group announced plans to buy back up to $1 billion worth of shares.
The company, which is listed on the New York Stock Exchange, lost about a third of its value last week amid a sell-off in Chinese technology stocks.
The repurchases can start on Monday and will take place over the next 12 months.
Tencent Music will repurchase Class A ordinary shares in the form of American depositary shares, it said in a statement.
“The Share Repurchase Program is a strong indication of the Board’s confidence in the Company’s business outlook and long-term strategy, and we believe it will ultimately benefit TME (Tencent Music Entertainment) and create value for its shareholders,” Tong Tao Sang, chairman of the board, said.