Tencent Music Entertainment Group (ADR) (TME)
Runs China's QQ Music, Kugou, Kuwo, WeSing, and Ximalaya audio ecosystem.
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Runs QQ Music, Kugou Music, Kuwo Music, WeSing, and Ximalaya across streaming, karaoke, social entertainment, and long-form audio in China. Most revenue comes from online music services, while the business depends on licensed content and contractual structures shaped by Chinese regulation.
Operates QQ Music, Kugou Music, Kuwo Music, and WeSing across music listening, karaoke, live streaming, and social interaction in China. Ximalaya adds long-form audio alongside the established music-centered apps.
Earns most revenue from online music services, including subscriptions, advertising, merchandise, and live performances, while social entertainment and other services form the remainder. Execution rests on combining distinct consumer brands with licensed catalogs, paid memberships, and adjacent music offerings.
Depends on third-party content licenses, Tencent's controlling relationship, and contractual arrangements for businesses restricted to foreign investment in China. Exclusive music-streaming rights ended under a 2021 antitrust remedy, and the Ximalaya acquisition carries competition commitments covering free content, service standards, and exclusionary conduct.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 13, 2026 | Nomura | Target | Target: — | Target: $10 |
| Aug 12, 2026 | UBS | Reiterate | Rating: —Target: $9.50 | Target: $15 |
| Aug 12, 2026 | China Renaissance | Downgrade | ||
| Mar 18, 2026 | UBS | Downgrade | Target: $10.50 | Target: $13 |
| Mar 18, 2026 | Benchmark | Downgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $4.57B · Total debt $2.52B · Total assets $17.45B · Shareholders' equity $11.68B
- Revenue
- $1.33B
- Operating income
- $452.9M
- Net income
- $368.7M
Reported in CNY, converted at the latest exchange rate
HistoryDividendAnnual yield
| Institutions | 28.17% | 432.96M ADS | |
|---|---|---|---|
| 331 holders · as of Jun 30, 2026 | |||
| Insiders | 0.08% | 1.20M ADS | |
| 6 holders · as of Mar 18, 2026 | |||
| Other | 71.75% | 1.10B ADS | |
| remainder | |||
1.54B ADS as of Sep 21, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
The share count is from the company's Dec 2022 annual report; nothing newer is on file here.
The share count has not been confirmed by a second filing; stakes use it as it stands.
Some positions are filed in underlying shares, not receipts; the ratio is unknown, so no percentage.
This company has 3 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Schroder Investment Management GroupInstitution | 2.97% | 45.63M A ADS | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 2.13% | 32.78M A ADS | as of Jun 30, 2026 |
Invesco Ltd.Institution | 1.91% | 29.28M A ADS | as of Jun 30, 2026 |
Krane Funds Advisors LLCInstitution | 1.47% | 22.54M A ADS | as of Jun 30, 2026 |
Overlook Investments LPInstitution | 1.24% | 19.01M A ADS | as of Jun 30, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
- Bilibili (ADR)
Overlaps in live broadcasting, creator content, and podcasts
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Tencent Music Entertainment Group (ADR) | $8.22 | −0.79% | $12.73B | 10.1 | 11.1 | 2.6 | +11.8% |
| Bilibili (ADR) | $14.99 | −1.99% | $6.41B | 30.4 | 17.9 | 1.4 | +14.1% |
| Median | 30.4 | 17.9 | 1.4 | +14.1% |