We recently published a list of Five Chinese Firms Dominate Friday’s Top 10 Gainers. In this article, we are going to take a look at where Tencent Music Entertainment Group (NYSE:TME) stands against the other friday’s top gainers.

The stock market suffered a bloodbath on Friday, with major indices posting whopping declines, as investors sold off positions for saver havens amid concerns about a slowing economy and sticky inflation.

The Dow Jones fell by 1.69 percent, the S&P declined by 1.71 percent, while the tech-heavy Nasdaq nosedived by 2.20 percent.

Meanwhile, 10 stocks—predominantly Chinese firms—defied a broader market downturn, clocking in gains.

To come up with Friday’s best performers, we considered only the stocks with $2 billion in market capitalization and $5 million in daily trading volume.

A singing performer silhouetted on a spotlighted online stage.

Tencent Music Entertainment Group (NYSE:TME)

Tencent saw its share prices on Friday surge by 12.08 percent to close at $14.38 apiece as investors cheered news of the company’s inclusion to the Hang Seng Tech Index on the Hong Kong Stock Exchange.

While its inclusion in Hang Seng Tech does not directly affect its shares on the US stock market, investors took the inclusion positively over hopes of the company’s increased visibility and investor interest. Being included in a stock market index means that a company has met certain market and financial stability criteria.

TME, one of the leading music and audio streaming services in China, traded in line with its Chinese counterparts listed on the US market.

Overall, TME ranks 3rd on our list of friday’s top gainers. While we acknowledge the potential of TME as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as TME but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap

Disclosure: None. This article is originally published at Insider Monkey.