Tencent Music Entertainment Group has filed an application to list class A shares on the Hong Kong Exchange, Morningstar reports.
The Class A ordinary shares will be traded on the Hong Kong Stock Exchange from Sept. 21, Tencent Music said today.
“The listing of Class A ordinary shares on the main board of the Hong Kong Stock Exchange is by way of introduction only and there are no Class A ordinary shares being issued or sold in connection with the listing,” it said.
Listings by introduction are similar to direct listings, which have been used as an alternative to U.S. initial public offerings in recent years by companies such as Coinbase Global Inc., Palantir Technologies Inc., Spotify Technology SA and others.
Listings by introduction are a way of tapping the public markets in which a company doesn’t raise any capital or issue any new shares. Read more.
