Shares of Tencent Music Entertainment Group (TME) plummeted 5.1% in the pre-market session on Friday, underperforming the broader market as escalating trade tensions between the US and China weighed heavily on Chinese stocks and companies with exposure to the Chinese market.

The decline in TME's stock price was exacerbated by concerns over the US President's announcement of plans to double tariffs on Chinese imports, heightening the risks of an all-out trade war between the world's two largest economies. This move could potentially disrupt China's exports, which were a significant contributor to the nation's economic growth last year, and negatively impact Chinese companies' businesses and stock valuations.

Additionally, TME announced changes to its Board of Directors, with the retirement of Mr. Matthew Yun Ming Cheng and the appointment of Mr. Wai Yip Tsang as a new director. While this news is specific to TME's internal governance, it may have added to investor uncertainty surrounding the company's future prospects, contributing to the stock's sharp decline on Friday morning.