Business
Tencent Music climbs on deal to take stake in K-Pop agency SM
Tencent Music climbs on deal to take stake in K-Pop agency SM
About this update from Hybe Co., Ltd.
** Shares of Tencent Music Entertainment HKEX:1698 climbs 2.9% to HK$71.7, on course for eighth consecutive session of gains** Stock set for the biggest one-day gain since May 26; fourth-biggest gainer on Hang Seng Tech Index HSI:HSTECH, which gains 0.1%** Tencent Music's U.S.-listed stock HKEX:1698 rose 2.2% on Tuesday ** South Korea's Hybe KRX:352820 said in a regulatory filing that it plans to sell its 2.2 mln shares in K-Pop agency SM Entertainment KRX:041510 to Tencent Music for 243 billion won ($177 mln) ** The 9.7% stake would make Tencent's HKEX:700 music-streaming subsidiary the second-largest shareholder in SM Entertainment** There have been signs of a potential thaw in the unofficial ban on K-Pop concerts and performances in China in place since 2016** Tencent stock HKEX:700 slips 1.1%** SM Entertainment gains 0.1% while Hybe slips 0.5%** YTD, Tencent Music Hong Kong shares up 61.4%, U.S.-listed stock up 57.8%($1 = 1,373.6600 won)