Tencent’s entry onto the New York Stock Exchange has been up and down but last weeks boost puts them in a great position.
Last month Tencent Music Entertainment made their entry on to the New York Stock Exchange (NYSE), launching a much anticipated and repeatedly delayed IPO. Tencent Music went public at $13 per share but last week the company saw stocks trading above $16 which put it’s 2 co-presidents, Xie Zhenyu and Xie Guomin’s fortunes worth just under $1 billion.
They closed the week down 4% at $15.27, still a great improvement on their entry on to the market and subsequent month. Tencent Music’s investors include, unsurprisingly, Tencent Holdings and notably also include Western streaming service Spotify who Tencent also invested back into in 2017.
The Chinese media conglomerate’s music service boasts over 800 million unique monthly average users, based on the 3rd quarter of 2018. On average each user will spend over 70 minutes a day on their platform according to the company. With their level of users and engagement Tencent Music are a serious force in digital music and now they’re on the NYSE we could see a move Westwards.
Although the bump in stock put Tencent Music’s co-presidents almost at a billion in value, Tencent Holdings Chairman is far ahead. Pony Ma (known also as Ma Huateng) is one of the world’s richest men with a fortune of $38.6 billion.