Shares of Tencent Music Entertainment Group (TME) soared over 21.99% on Thursday, closing at $12.27 amid a broader rally in Chinese stocks listed in the US. The sharp price movement came after China unveiled a much-anticipated stimulus package, boosting investor confidence and driving a surge in equities traded as American Depositary Receipts (ADRs).
According to reports, China's stimulus measures are aimed at reviving the country's slowing economy, which has been grappling with the lingering effects of the COVID-19 pandemic and ongoing trade tensions. The package includes a mix of tax cuts, infrastructure spending, and supportive policies for various sectors, including technology and consumer goods.
As a leading online music streaming platform in China, Tencent Music is expected to benefit from the improved economic outlook and potential increase in consumer spending. The company's core business, which includes music subscription services and virtual gift sales, could see renewed momentum as household incomes and confidence recover.
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