Shares of Tencent Music Entertainment Group (TME) soared over 5% on Thursday, driven by a broader rally in Chinese stocks listed in the U.S. The sharp price movement came after China unveiled a much-anticipated stimulus package aimed at reviving the country's slowing economy.

China's central bank announced a series of measures, including cutting the amount of cash banks must keep in reserve and lowering a key policy rate. These actions are part of a broader stimulus package that also includes tax cuts, infrastructure spending, and supportive policies for various sectors.

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.