Why Tencent Music Stock Dropped Today
Tencent Music Entertainment Group (NYSE: TME) is down 6.1% at 3 p.m. ET.
What's the deal with Tencent Music today? Yesterday Tencent conducted what it described as an "introduction" of its stock to the Stock Exchange of Hong Kong (SEHK), listing its Class A common stock on the Main Board, where it will be tradable in 100-share lots. At the same time, Tencent Music confirmed that its listing on the New York Stock Exchange (NYSE), where one American depositary share represents two shares of Tencent Music common stock, also remains active.
Why might a listing in Hong Kong have sparked a sell-off in New York, though?
Source Fool.com
