SHENZHEN, China, March 28, 2021 /PRNewswire/ -- Tencent Music
Entertainment Group ("Tencent Music,"
"TME," or the "Company") (NYSE: TME), the leading online music
entertainment platform in China,
today announced that its board of directors (the "Board") has
authorized a share repurchase program under which the Company may
repurchase up to $1 billion of its
Class A ordinary shares in the form of American depositary shares
("ADSs") during a twelve-month period commencing on March 29, 2021 (collectively, the "Share
Repurchase Program").
Mr. Tong Tao Sang, Chairman of the Board, said, "The Share
Repurchase Program is a strong indication of the Board's confidence
in the Company's business outlook and long-term strategy, and we
believe it will ultimately benefit TME and create value for its
shareholders."
The Company's proposed repurchases may be made from time to time
through open market transactions at prevailing market prices, in
privately negotiated transactions, in block trades and/or through
other legally permissible means, depending on the market conditions
and in accordance with applicable rules and regulations. The timing
and dollar amount of repurchase transactions will be subject to the
Securities and Exchange Commission (the "SEC") Rule 10b-18 and/or Rule 10b5-1 requirements. The Board
will review the Share Repurchase Program periodically, and may
authorize adjustment of its terms and size or suspend or
discontinue the program. The Company plans to fund repurchases from
its existing cash balance.
About Tencent Music
Entertainment
Tencent Music
Entertainment Group (NYSE: TME) is the leading online music
entertainment platform in China,
operating the country's highly popular and innovative music apps:
QQ Music, Kugou Music, Kuwo Music and WeSing. Tencent Music's mission is to use technology to
elevate the role of music in people's lives by enabling them to
create, enjoy, share and interact with music. Tencent Music's platform comprises online music,
online karaoke and music-centric live streaming services, enabling
music fans to discover, listen, sing, watch, perform and socialize
around music. For more information, please visit
ir.tencentmusic.com.
Safe Harbor Statement
This press release contains
forward-looking statements. These statements are made under the
"safe harbor" provisions of the U.S. Private Securities Litigation
Reform Act of 1995. Statements that are not historical facts,
including statements about the Company's beliefs and expectations,
are forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties, and a number of factors could
cause actual results to differ materially from those contained in
any forward-looking statement. In some cases, forward-looking
statements can be identified by words or phrases such as "may,"
"will," "expect," "anticipate," "target," "aim," "estimate,"
"intend," "plan," "believe," "potential," "continue," "is/are
likely to" or other similar expressions. Further information
regarding these and other risks, uncertainties or factors is
included in the Company's filings with the SEC. All information
provided in this press release is as of the date of this press
release, and the Company does not undertake any duty to update such
information, except as required under applicable law.
Investor Relations Contact
Tencent Music Entertainment Group
ir@tencentmusic.com
+86 (755) 8601-3388 ext. 883606
View original
content:http://www.prnewswire.com/news-releases/tencent-music-entertainment-group-announces-1-billion-share-repurchase-program-301257167.html
SOURCE Tencent Music Entertainment
Group