Tencent Music Entertainment Group (TME) saw its stock plummet by 8.17% in pre-market trading on Friday, as investors reacted to China's announcement of sweeping counter-tariffs on US goods. The sharp decline reflects the broader selloff in Chinese ADRs amid escalating trade tensions between the world's two largest economies.
China's Finance Ministry declared it would impose additional tariffs of 34% on all US goods starting from April 10, in response to recent tariffs implemented by US President Donald Trump. Additionally, Beijing announced export controls on certain rare earth elements and added 11 entities to its "unreliable entity" list, further straining US-China relations. The news sent shockwaves through global markets, with US stock futures and Chinese ADRs experiencing significant declines.
Tencent Music, along with other Chinese tech giants, felt the brunt of the market reaction. Alibaba fell 9%, while JD.com and PDD Holdings dropped 8%. Other notable declines included Baidu (-7%), NIO (-5%), and Li Auto (-4%). The widespread selloff in Chinese stocks underscores investors' concerns about the potential impact of escalating trade tensions on China's tech sector and the broader economy. As the situation continues to develop, market participants will closely monitor further developments and their implications for companies like Tencent Music.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。