Tencent Music Plunges 11.41% at Open Despite Q2 Revenue Growth

Tencent Music shares fell 11.41% at Hong Kong market open, contrasting with a 5.8% YoY Q2 revenue rise to 8.93 billion yuan and a $400M buyback expansion.

Woofun AI data shows that Tencent Music (01698.HK) shares declined by 11.41% at the start of trading in Hong Kong, while the Hang Seng Index dropped 0.6% and the Tech Index fell 0.8%. The company reported second-quarter total revenue of 8.93 billion yuan, representing a 5.8% year-on-year increase, and announced an expansion of its share buyback program to $400 million.