Tencent Music (NYSE: TME) announced today in a filing with the U.S. Securities and Exchange Commission (SEC) that its Class A common stock will be listed on the main board of the Hong Kong Stock Exchange by way of introduction. listed.
Meanwhile, Tencent Music's American Depositary Shares (ADS, each representing two shares of common stock) will continue to be listed and traded on the New York Stock Exchange.
Tencent Music expects that its Class A ordinary shares will start trading on the Hong Kong Stock Exchange on September 21 under the stock code "1698". After listing on the Main Board of the Stock Exchange, its shares will be fully fungible with NYSE-listed ADSs.
At the same time, Tencent Music also announced that Liang Tang will resign from the company's board of directors and the compensation committee under the board, effective immediately. While Jeanette Kim Yum Chan was appointed as an independent director, Edith Manling Ngan was appointed as a member of the Compensation Committee and continues to serve as an independent director and a member of the Audit Committee.
In addition, Tencent Music also announced that the company may from time to time issue and sell Class A ordinary shares, including Class A ordinary shares represented by ADSs, in one or more offerings. On September 14, Tencent Music ADS closed at $4.78 per share on the New York Stock Exchange.
Shelf issuance system, that is: a refinancing system with one approval and multiple issuances. The shelf issuance system originated in the United States and is a special process regulation on the refinancing behavior of public companies. It has been continuously improved with the development of the market and has been adopted by more and more countries and regions.