Tencent Music plans $1 Billion buyback after Archegos selloff – News 24-7 Live News 24-7 Live
Tencent Music plans $1 Billion buyback after Archegos selloff

Tencent Music plans $1 Billion buyback after Archegos selloff

Tencent Music Entertainment Group announced a $1 billion share buyback Monday, days after the Chinese online music company was caught up as one of the names hit by a liquidation of holdings by former Tiger Management trader Bill Hwang.

 Tencent Music Entertainment Group announced a $1 billion share buyback Monday, days after the Chinese online music company was caught up as one of the names hit by a liquidation of holdings by former Tiger Management trader Bill Hwang.

In an extraordinary series of block trades on Friday, banks including Goldman Sachs Group Inc. and Morgan Stanley wiped out $35 billion from the values of bellwether stocks, ranging from Chinese technology firms to U.S. media companies, as they sold off the holdings of Hwang’s Archegos Capital Management.

Tencent Music’s buyback plans represent 2.9% of the company’s current market value. The New York-listed firm’s stock slumped almost 20% on Friday after Goldman Sachs sold $6.6 billion worth of shares in it, Baidu Inc., and Vipshop Holdings Ltd. before the market opened in the U.S, according to an email to clients seen by Bloomberg News.

News Source: Hindustan times

Leave a Reply

Your email address will not be published. Required fields are marked *

Report News
Google