The company is the latest U.S.-listed Chinese company to opt for a second listing to offset the threat of delisting in New York.
Shares of China’s Tencent Music Entertainment Group opened at HK$18 ($2.29) per share in the company’s Hong Kong listing debut.
The online music company’s Hong Kong debut on Wednesday comes after it announced last week that New York would remain its primary listing venue.
The company went public through referrals. No new equity or capital was raised in the transaction.
Tencent Music said one US-listed share is equivalent to two Hong Kong shares. It opened flat at $4.58 compared to US shares that closed Tuesday in New York.
Hong Kong’s Hang Seng Index fell 1.3% in early Wednesday trading, while the tech index fell 1.5%.
Tencent Music’s U.S. shares are down 33.1% so far in 2022, hitting negative sentiment for Chinese tech stocks amid a regulatory crackdown on the sector.
The company is among a series of U.S.-listed Chinese companies that have opted for a second listing in Hong Kong to offset the threat of delisting in New York due to a bilateral dispute between Washington and Beijing over access to audit documents. has become the latest in
The two sides recently signed a deal to end a decade-long stalemate, with U.S. officials arriving in Hong Kong to begin vetting Chinese companies listed in the U.S.
Tencent Music has a market cap of $7.76 billion.
