Tencent Music Entertainment Group (TME) suffered a plummet of 5.7% in its stock price during Monday's pre-market trading session, mirroring a broader sell-off in Chinese technology stocks listed on US exchanges.
The decline comes amid a slump in Chinese American Depository Receipts (ADRs), with giants like Alibaba and JD.com both tumbling around 5% on Monday.
The slump in Chinese tech stocks followed increasing concerns among investors about the potential delisting risks faced by these companies. Rising geopolitical tensions between the US and China have raised fears that Chinese firms may be forced to delist from American exchanges if they refuse to comply with US auditing requirements.
As a leading online music entertainment platform in China, Tencent Music's significant exposure to the domestic market left it vulnerable to the sell-off affecting Chinese tech stocks. The company's close ties to its parent company, Tencent Holdings, likely amplified investors' concerns given the scrutiny faced by major Chinese tech firms.
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