Tencent Music announces biggest ever $1 billion share buyback

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(Reuters) - China's Tencent Music Entertainment Group announced a $1 billion share repurchase plan, its biggest, late on Sunday, days after the U.S. securities regulator adopted stricter measures for foreign companies listed on American stock exchanges.
The Chinese music streaming company may buy back up to $1 billion of its Class A ordinary shares in the form of American depositary shares during a twelve-month period starting March 29, it said in a statement.
Shares in dual-listed Chinese companies including Tencent Music fell sharply last week after the U.S. Securities and Exchange Commission (SEC) said it would kick out foreign firms from U.S. exchanges if they failed to comply with U.S. auditing standards.
The company's shares were further pressured on Friday after a sell off in its stock - and those of several others such as Baidu Inc and ViacomCBS Inc - by Goldman ...


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