Shares of Tencent Music Entertainment Group (NYSE:TME) surged over 5% on October 1st, riding on the wave of optimism surrounding China's economy and the company's robust growth prospects.
The rally was fueled by the Chinese government's aggressive measures to revive the economy, including interest rate cuts, liquidity injection, and plans to issue special sovereign bonds. These measures have boosted investor sentiment and sparked a broader rally in China's stock market.
David Tepper, the billionaire founder of Appaloosa Management, expressed confidence that the government's actions will encourage consumption and spur economic growth. He believes these measures will be particularly beneficial for undervalued Chinese stocks, such as Tencent Music.
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