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After listing the company on the New York Stock Exchange the Chinese company has announced a $1 billion buy back scheme, the companies biggest ever.

Tencent Music Entertainment Group has announced plans to buy back up to $1 billion worth of shares after the U.S. listed stock suffered a huge drop last week. It’s estimated that the company lost about a third of its value. 

Tencent Music is the online arm of the Chinese tech giant Tencent which runs streaming services and apps. In fact, there isn’t an area of the entertainment industry that Tencent isn’t somewhat involved in. In fact, Tencent recently signed a major licensing contract with Warner music, meaning Tencent now has contracts with the big 3 major labels. 

In a statement released by Tencent Music, which aims to repurchase Class A ordinary shares in the form of American depositary shares said: “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.”