CI-TMEG@EC2609A

Citi Sees TME Q4 2025 Earnings Meeting Expectations

JYP Entertainment Establishes Joint Venture ONECEAD with TME and CJ E&M

Yuanbao AI to Launch Public Beta with Free Premium Content Features

CLSA: TME's stock price over-sold, investment value present

Nomura Upgrades Tencent Music to Buy but Cuts Price Target

Tencent Music Launches AI Music Creation Tool VEMUS

Morgan Stanley Downgrades TME's Target Price

Tencent Music and China Aviation Media Reach In-Flight Entertainment Content Partnership

Nomura Report States TME Maintains Leadership in Chinese Online Music Market

China Music Copyright Association Signs Strategic Copyright Cooperation Agreement with Tencent Music

Tencent Music Introduces AutoMQ to Reduce Kafka's Operation Cost and Complexity

CITIC Securities Maintains Buy Rating for Tencent Music A Shares with Target Price

Huatai Securities Maintains Buy Rating on Tencent Music's Class A Shares

Morgan Stanley Reiterates Buy Rating on Tencent Music with a Target Price of HKD 107.25

Citibank Maintains Buy Rating on Tencent Music Entertainment Group

CCB International Maintains Overweight Rating on Tencent Music

Barclays Raises Target Price for Tencent Music to $28

Benchmark Downgrades TME Target Price to $25

CLSA Reiterates Overweight Ratings for NetEase Cloud Music and Tencent Music

HSBC 上调 TME revenue forecasts but lowers target price

STARCOIN GROUP

HEALTHYWAY INC

XINHUA LANDE

WALNUT CAP

CHINA PPT INV

PPS INT'L

HING LEE (HK)

KNOWLEDGE ATLAS

WAI CHUN GROUP

MINIMAX-WP

01698

WXXWY

02269

Hong Kong stocks fell 1.7% to 26,588, marking a second consecutive session of losses due to Wall Street's decline amid AI disruption concerns. China's new home prices dropped 3.3% year-on-year in January, the largest decrease in seven months, impacting market sentiment. All sectors declined, particularly financials, consumer names, and tech. Notable declines included Tencent Music (-9.2%) and Wuxi Biologics (-4.2%). Despite these losses, reports of delayed U.S. tech security measures provided some support. The market showed little change for the week, with trading paused for the Lunar New Year holiday.

- Hong Kong stocks fell 446 points, or 1.7%, to 26,588, influenced by a decline on Wall Street amid AI disruption concerns.  
- China's new home prices decreased by 3.3% year-on-year in January, the largest drop in seven months, impacting property market stability and investor sentiment.  
- Key stocks such as Tencent Music and Wuxi Biologics experienced significant losses, while reports of delayed U.S. tech security measures provided some support ahead of the upcoming U.S.-China summit.

Trading Economics

TME-SW

Tencent Music

WuXi Biologics

WUXI BIO

Hong Kong Shares Under Pressure, Weekly Performance Muted

03088

BABA

03032

09626

00HSI

STECH

09888

BABX

KBAB

BIDU

BILI

09988

Tencent Music fell over 6%, Bilibili and Baidu Group fell over 3%, and Alibaba fell nearly 3%. Risk warning and disclaimer: The market has risks, and investment requires caution. This article does not constitute personal investment advice and does not take into account the specific investment goals, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Investment based on this is at one's own risk

Wallstreetcn

CAM HS TECH

Alibaba

HSTECH ETF

ISHARESHSTECH

CSOP HS TECH

BILIBILI-W

Huaan Hang Seng Technology ETF(QDII)

Hang Seng Index

China Southern Hang Seng ETF

GX HS TECH

Tianhong Hang Seng TECH ETF(QDII)

Hang Seng TECH Index

BIDU-SW

Hang Seng TECH ETF I

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

BABA 2x Long Daily ETF - GraniteShares

KraneShares 2x Long BABA Daily ETF

ChinaAMC Hang Seng Technology ETF(QDII)

Baidu

Dacheng Hang Seng Technology ETF(QDII)

Bilibili

BABA-W

The Hang Seng Index opened down 1.45%, and the Hang Seng TECH Index fell 1.59%

TCOM

The NASDAQ Golden Dragon China Index initially closed down 2.9%. Among popular Chinese concept stocks, Tencent Music initially closed down 10%, Trip.com fell 6%, KE dropped 5.8%, Bilibili, Baidu, CSI Solar, and YUM China fell over 4%, Alibaba dropped 3.4%, Atour rose 1.2%, and Century Internet rose 3.7%

Invesco Golden Dragon China

Trip.com

Global X E-commerce ETF

Guotai MSCI China A ESG General ETF

YUM China

Roundhill China Dragons ETF

NASDAQ Golden Dragon China Index

ALI HEALTH

YUM CHINA

BEKE-W

CSI Solar

Yinhua MSCI China A ETF

Direxion FTSE China Bull 3X

TRIP.COM-S

UNVGY

516190

Universal Music Group and ClicknClear have signed a global licensing deal allowing athletes to use UMG's music for choreographed sports routines. This agreement follows a rights dispute at the Milano Cortina Olympics, where a Spanish figure skater faced issues with music licensing. The deal aims to meet the demand for music licensing in sports, providing new monetization opportunities for UMG artists and ensuring compliance for athletes and federations. ClicknClear will offer licensing tools to streamline the process, addressing the complexities of music rights in competitive sports.

- Universal Music Group and ClicknClear have signed a global licensing deal allowing athletes to use UMG's music for choreographed sports routines.  
- This agreement follows a rights dispute involving a Spanish figure skater at the Milano Cortina Olympics, highlighting the demand for music licensing in sports.  
- ClicknClear will provide compliance tools to ensure proper licensing, potentially opening new revenue streams for UMG artists and enriching athletes’ performances.

Reuters

Invesco Leisure & ENT ETF

Warner Music Group - CL

Universal Music Group N.V.

ChinaAMC CSI Cultural Entertainment Media ETF

Olympics-Universal Music and ClicknClear sign global deal for sports routines

02259

01772

00669

09992

00100

02628

06809

02601

ZIJIN GOLD INTL(02259) rose 9.06%, with a trading turnover 1.7 Billion HKD, and a year-to-date rose 56.7%. BILIBILI-W(09626) rose 5.16%, with a trading turnover 1.2 Billion HKD, and a year-to-date rose 31.1%. POP MART(09992) fell 5.49%, with a trading turnover 4.4 Billion HKD, and a year-to-date rose 35.9%. MINIMAX-WP(00100) fell 4.82%, with a trading turnover 681.6 Million HKD, and a year-to-date rose 210.9%.

- The Hang Seng Index increased by 0.31%, with a year-to-date gain of 6.4%, while the Hang Seng Tech Index rose by 0.9%, showing a year-to-date decline of 0.3%.  
- Zijin Mining International (02259) saw a rise of 9.06% with a trading volume of HKD 1.7 billion, resulting in a year-to-date increase of 56.7%.  
- Bilibili-W (09626) grew by 5.16%, with a trading volume of HKD 1.22 billion, reflecting a year-to-date increase of 31.1%, whereas Pop Mart (09992) fell by 5.49%, despite a year-to-date increase of 35.9%.

Top Gainers & Losers

ZIJIN GOLD INTL

GANFENGLITHIUM

TECHTRONIC IND

POP MART

CHINA LIFE

MONTAGE TECH

CPIC

Top 5 HK Stock Gainers/Losers (>100B) (2.11)

517770

159855

516620

UNIVERSAL’S DOWNTOWN MUSIC TAKEOVER TO GET EU BLESSING - FT

AXA SPDB CSI Hugangshen Game and Culture Media ETF

Yinhua CSI Movies Theme ETF

Guotai CSI Movies Theme ETF

Universal's Downtown Music Takeover To Get EU Blessing - FT

KPDD

36Kr learned that most popular Chinese concept stocks rose in pre-market trading in the U.S. As of the time of writing, iQIYI rose over 1%, Li Auto and Tencent Music rose nearly 1%, Alibaba rose 0.79%, XPeng rose 0.74%, JD.com and PDD rose 0.5%; Baidu fell 0.02%

36Kr

KraneShares 2x Long PDD Daily ETF

ISHRS S&P Glb It

JD.com

iQIYI

Global X Autonomous & Electric V

Hua Xia CSI New Energy Vehicles ETF

KraneShares 2x Long JD Daily ETF

GraniteShares 2x Long PDD Daily ETF

Krne Csi China Internet

Li Auto

XPeng

LI AUTO-W

XPENG-W

Most popular Chinese concept stocks in the U.S. pre-market are up, with iQIYI rising over 1%

Tencent Music Entertainment Group will report its unaudited financial results for Q4 and full year 2025 on March 17, 2026, before U.S. market opens. A management webinar will discuss the results at 7:00 A.M. ET (7:00 P.M. Beijing/Hong Kong Time). Registration is available via links for Chinese Mainland and International participants. A live and archived webcast will be accessible on the investor relations website.

- Tencent Music Entertainment Group will report its unaudited financial results for Q4 and full year 2025 before the U.S. market opens on March 17, 2026.  
- A Tencent Meeting Webinar will be held on the same day at 7:00 A.M. Eastern Time to discuss the business and financial performance.  
- Interested participants can register in advance, and a live webcast will be available on the company's investor relations website.

Tencent Music Entertainment Group to Report Fourth Quarter and Full Year 2025 Results

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HUA HONG SEMI rose over 4%, Tencent Music, XPeng, and Baidu rose over 3%, while SMIC rose nearly 3%. Risk warning and disclaimer: The market has risks, and investment requires caution. This article does not constitute personal investment advice and does not take into account the specific investment goals, financial conditions, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. Investment based on this is at one's own risk

Hua Hong

Guotai CSI Semiconductor Material Equipment Theme ETF

China Southern CSI Semiconductor Industry Custom ETF

SMIC

GTJA Allianz SSE STAR Chip Design Thematic ETF

ChinaAMC Guozheng Semiconductor Chip ETF

GTJA Allianz CSI All Share Semiconductors & Semiconductor Equipment ETF

Guotai CES Semiconductor Chip Industry ETF

HUA HONG SEMI

The Hang Seng Index opened up 1.6%, and the Hang Seng TECH Index rose 1.9%

03690

The Hang Seng Index opened down 0.82%, and the Hang Seng Tech Index fell 1.31%. Bilibili dropped over 4%, Tencent Music and HUA HONG SEMI fell over 3%, and Alibaba, KUAISHOU, SMIC, Meituan, and others dropped over 2%. Baidu rose over 2% and authorized the implementation of a stock repurchase plan totaling no more than USD 5 billion, with the first dividend expected to be announced in 2026

- The Hang Seng Index opened down 0.82%, with the Hang Seng Tech Index falling by 1.31%.  
- Bilibili dropped over 4%, while Tencent Music, Hua Hong Semiconductor, Alibaba, Kuaishou, SMIC, and Meituan all saw declines exceeding 2%.  
- Baidu rose over 2% after announcing a stock buyback plan not exceeding 5 billion USD, with initial dividend distribution expected in 2026.

MEITUAN

Meituan

KUAISHOU-W

The Hang Seng Index opened down 0.82%, and the Hang Seng Tech Index fell 1.31%

Citigroup expects Tencent Music's performance in the fourth quarter of 2025 to meet or slightly exceed expectations, primarily benefiting from stable subscription services and growth in non-subscription music revenue. In 2026, attention will be on competitive landscape, SVIP conversion rates, online advertising revenue, and other factors. Although the short-term growth of Soda Music users has not directly impacted Tencent Music's core users, competitive concerns will still suppress the stock price. Citigroup maintains a "Buy" rating on Tencent Music's U.S. stock with a target price of $29, expecting total revenue growth of 13% to RMB 8.43 billion in the fourth quarter of last year

AASTOCKS

Citi expects Tencent Music's performance last quarter to meet or slightly exceed expectations

00700

TCEHY

TCTZF

Tencent's "Yuanbao Pai" has entered the countdown to public testing, suspected to integrate resources from QQ Music and Tencent Video, allowing users to enjoy membership content for free. The public test version adds "Listen to Music Together" and "Watch Videos Together" features, supporting direct access to membership content from QQ Music and Tencent Video within Yuanbao Pai. The specific launch date has not yet been announced

TENCENT

Tencent

Tencent Holdings Limited

Tencent's "Yuanbao" public beta exposed, suspected to integrate QQ Music and Tencent Video resources

美图公司

Deep Research

Appraisal value

In the prior piece, Dolphin Research reviewed Meitu's history, product suite, and competitive landscape in depth. This follow-up focuses on Meitu's growth potential.1) Will large models eat Meitu's lunch? To evaluate its growth, we must ask how vertical platforms defend against general-purpose platforms.As seen across internet cycles, a few lucky players evolved into 'small but mighty' vertical champions. Tencent Music, Kanzhun, and even Bilibili endure thanks to distinctive attributes. Most others faded into the background, becoming stepping stones as tech giants broadened their ecosystems...

TENCENT-R

MEITU

BOSS ZHIPIN-W

Kanzhun

WHEE

Tencent HK SDR 10to1

Meitu: A bumpy 'small‑but‑beautiful' story — where is the bottom?

$Tencent Music(TME.US) $NETEASE MUSIC(09899.HK) These two stocks can't be bought now, the industry landscape has changed directly. Douyin is too strong.

NETEASE MUSIC

ByteDance

Conference Minutes

The following are the minutes of the FY25Q3 earnings call for $TENCENT(00700.HK) compiled by Dolphin Research. For an interpretation of the earnings report, please refer to the article &#34;Tencent: Not Playing Heartbeat with Meta, Just Wanting Steady Happiness.&#34; 1. Review of Core Financial Information 1. Capital Expenditure: Operating capital expenditure: RMB 12 billion, down 18% year-on-year, mainly due to changes in the supply chain. Non-operating capital expenditure: RMB 1 billion, down 59% year-on-year. 2. Free Cash Flow: RMB 58.5 billion, roughly flat compared to the same period last year (growth in operating cash flow was offset by other factors)...

Tencent (Minutes): Emphasizes AI, but Lowers Full-Year Capex Guidance

CI-TMEG@EC2609A(19340.HK)

Hong Kong Shares Under Pressure, Weekly Performance Muted

The Hang Seng Index opened down 1.45%, and the Hang Seng TECH Index fell 1.59%

Olympics-Universal Music and ClicknClear sign global deal for sports routines

Top 5 HK Stock Gainers/Losers (>100B) (2.11)