TME on NYSE

Tencent Music

Chinese music distribution company

Tencent Music Entertainment Group (TME; Chinese: 腾讯音乐娱乐集团) is a company that develops music streaming services for the Chinese market. Tencent Music Entertainment's apps include QQ Music, KuGou, Kuwo, and WeSing, which have more than 800 million active users and 120 million paying subscribers.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 18, 2026.

Overview

Jul 2016Founded1

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  • TickerTME on NYSE1
  • Industryentertainment industry1
  • HeadquartersShenzhen1
  • Websitewww.tencentmusic.com
  • Legal formlimited company1
  • Incorporated inCayman Islands4
  • Business addressUnit 3, Building D, Kexing Science Park, Kejizhongsan Avenue, Hi-Tech Park, Nanshan District, Shenzhen, F4 5180574
  • Filer categoryLarge accelerated filer4

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Tencent Music
Photo: Tencent Music, PD, via Wikipedia6

Tencent Music Entertainment Group (TME; Chinese: 腾讯音乐娱乐集团) is a company that develops music streaming services for the Chinese market. Tencent Music Entertainment's apps include QQ Music, KuGou, Kuwo, and WeSing, which have more than 800 million active users and 120 million paying subscribers. As of July 2016, Tencent Music Entertainment's three services held an estimated 56% market share of music streaming services in China.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from. Figures are in CNY, the currency the company reports in.

Key numbers, fiscal 2024

42.3%Gross margin7
30.7%Operating margin7
25.0%Net margin7
2.3%Revenue growth, 20247
10.2%Return on equity7
10.0B CNYFree cash flow7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Online Music Services brought in 81% of the revenue Tencent Music broke down this way in fiscal 2025.

  1. Online Music Services26.7B CNY881%up 23% from 2024
  2. Social Entertainment Services And Others6.2B CNY819%down 7% from 2024
Products and services by year
Products and services202320242025
Online Music Services17.3B CNY21.7B CNY26.7B CNY
Social Entertainment Services And Others10.4B CNY6.7B CNY6.2B CNY

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Cost of revenue58¢16.4B CNY
  • Research and development8¢2.3B CNY
  • Other costs3¢939.0M CNY
  • Interest0¢94.0M CNY
  • Income tax6¢1.6B CNY
  • Profit25¢7.1B CNY

Out of 28.4B CNY in revenue.7

Where each dollar of operating cash went, fiscal 2024

  • Capital spending3¢319.0M CNY
  • Share buybacks19¢1.9B CNY
  • Kept or used elsewhere78¢8.0B CNY

Out of 10.3B CNY of cash from operations.7

Financial statements

Revenue9101112728.4B CNY in 2024+50% since 2018
010.0B CNY20.0B CNY30.0B CNY40.0B CNY2018: 19.0B CNY19.0B CNY20182019: 25.4B CNY25.4B CNY2019+34%2020: 29.2B CNY29.2B CNY2020+15%2021: 31.2B CNY31.2B CNY2021+7%2022: 28.3B CNY28.3B CNY2022−9%2023: 27.8B CNY27.8B CNY2023−2%2024: 28.4B CNY28.4B CNY2024+2%
Gross profit9101112712.0B CNY in 2024+65% since 2018
05.0B CNY10.0B CNY15.0B CNY2018: 7.3B CNY7.3B CNY20182019: 8.7B CNY8.7B CNY2019+19%2020: 9.3B CNY9.3B CNY2020+7%2021: 9.4B CNY9.4B CNY2021+1%2022: 8.8B CNY8.8B CNY2022−7%2023: 9.8B CNY9.8B CNY2023+12%2024: 12.0B CNY12.0B CNY2024+23%
Operating income910111278.7B CNY in 2024+327% since 2018
02.5B CNY5.0B CNY7.5B CNY10.0B CNY2018: 2.0B CNY2.0B CNY20182019: 4.6B CNY4.6B CNY2019+127%2020: 4.7B CNY4.7B CNY2020+2%2021: 3.8B CNY3.8B CNY2021−19%2022: 4.4B CNY4.4B CNY2022+17%2023: 6.1B CNY6.1B CNY2023+36%2024: 8.7B CNY8.7B CNY2024+44%
Net income910111277.1B CNY in 2024+288% since 2018
02.0B CNY4.0B CNY6.0B CNY8.0B CNY2018: 1.8B CNY1.8B CNY20182019: 4.0B CNY4.0B CNY2019+117%2020: 4.2B CNY4.2B CNY2020+5%2021: 3.2B CNY3.2B CNY2021−23%2022: 3.8B CNY3.8B CNY2022+19%2023: 5.2B CNY5.2B CNY2023+36%2024: 7.1B CNY7.1B CNY2024+36%

Every line of the income statement as filed: the last 3 fiscal years, latest first.8

Period ending2025-12-312024-12-312023-12-31
Total revenues32.9B CNY28.4B CNY27.8B CNY
Cost of revenues-18.4B CNY-16.4B CNY-18.0B CNY
Gross profit14.5B CNY12.0B CNY9.8B CNY
Selling and marketing expenses-941.0M CNY-865.0M CNY-897.0M CNY
General and administrative expenses-3.9B CNY-3.8B CNY-4.1B CNY
Total operating expenses-4.9B CNY-4.7B CNY-5.0B CNY
Interest income1.1B CNY1.2B CNY1.1B CNY
Other gains, net2.6B CNY165.0M CNY230.0M CNY
Operating profit13.4B CNY8.7B CNY6.1B CNY
Share of net profit of investments accounted for using equit method42.0M CNY96.0M CNY127.0M CNY
Finance costs-129.0M CNY-94.0M CNY-141.0M CNY
Profit before income tax13.3B CNY8.7B CNY6.0B CNY
Income tax expense-1.9B CNY-1.6B CNY-825.0M CNY
Equity holders of the Company11.1B CNY6.6B CNY4.9B CNY
Non-controlling interests297.0M CNY465.0M CNY300.0M CNY
Profit for the year11.4B CNY7.1B CNY5.2B CNY

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The story

Tencent Music Entertainment was established in July 2016 with Tencent's purchase of China Music Corporation to strengthen its music offerings. On July 4, 2018, Sony/ATV Music Publishing acquired an equity stake in Tencent Music Entertainment. In October 2018, the firm filed for IPOs of around $2 billion in the United States.

In December 2018, the company announced an IPO with the total value of shares around $1.23 billion, which includes 82 million ADS and 164 million regular shares priced around $13 - $15.

On January 30, 2019, SM Entertainment, the largest entertainment agency of South Korea entered into strategic partnership agreement with China's Tencent Music Entertainment that included music distribution and marketing in the Chinese market.

In June 2020, the Government of India banned QQ Music with 58 other Chinese origin apps citing data and privacy issues. The border tensions in 2020 between India and China might have also played a role in the ban.

As of 2023, 16.47% of Tencent Music Entertainment class A ordinary shares are owned by Spotify.

On May 27, 2025, Hybe Corporation announced it would sell all of its shares in SM Entertainment to the company.

On June 10, 2025, it was announced Tencent Music Entertainment would buy Ximalaya.

From Wikipedia’s article on Tencent Music Entertainment, shared under CC BY-SA 4.0.5

Leadership

Who has led Tencent Music, and when. Pick a name to see everywhere that person has worked.

Chair

  1. Kar Shun Cussion Pang2026–now
20202025
Board members and other officers (6)

Products and brands

  • KuGou
  • QQ Music

Listed on Wikidata.1

Subsidiaries and ownership

Owners

  • Shenzhen Qianhai Daizheng Music Culture Co., Ltd.

Subsidiaries

  • Guangxi Qingse Venture Capital Co., Ltd.
  • Liquid State

Also owns

  • QQ Music

From Wikidata.1

Timeline

  1. Sep 3, 2019Parent Directly consolidated by Tencent21
  2. Dec 2018Went public Listed on NYSE1
  3. Jul 2016Founded Founded1

Filings

137 filings to the SEC since October 2021: 5 annual reports, 11 insider forms, 8 large holders, 1 private raises, 112 other. The latest 20:

  1. Oct 13, 20266-K EDGAR
  2. Sep 30, 20264 EDGAR
  3. Sep 11, 20266-K EDGAR
  4. Sep 11, 20266-K EDGAR
  5. Sep 4, 2026424B2 424(B)(2) EDGAR
  6. Sep 4, 20266-K EDGAR
  7. Sep 3, 20266-K EDGAR
  8. Sep 3, 2026FWP EDGAR
  9. Sep 1, 20266-K EDGAR
  10. Sep 1, 2026424B2 424(B)(2) EDGAR
  11. Sep 1, 2026F-3ASR FORM F-3 EDGAR
  12. Sep 1, 20266-K EDGAR
  13. Aug 14, 2026SCHEDULE 13G/A EDGAR
  14. Aug 11, 20266-K EDGAR
  15. Jul 14, 20266-K FORM 6K EDGAR
  16. Jun 30, 20266-K EDGAR
  17. Jun 1, 20266-K EDGAR
  18. Jun 1, 2026D EDGAR
  19. May 20, 20266-K EDGAR
  20. May 18, 20266-K FORM 6K EDGAR

The 137 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 8 such filings since October 2021:

  1. Aug 14, 2026SCHEDULE 13G/A
  2. Feb 10, 2023SC 13G/A
  3. Jun 7, 2022SC 13G/A
  4. Feb 14, 2022SC 13G/A
  5. Feb 10, 2022SC 13G/A
  6. Feb 10, 2022SC 13G/A
  7. Feb 4, 2022SC 13G/A
  8. Jan 27, 2022SC 13G/A

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. May 18, 2026Raised $20.2 million in a private offering of equity Form D: 1 investor so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Schroder Investment Management Group45,630,307$381.0M0.3%−31,199,421
BlackRock, Inc.32,782,645$273.7M0.0%+1,190,003
Invesco Ltd.29,279,641$244.5M0.0%+6,877,022
Krane Funds Advisors LLC22,543,908$188.2M6.7%+4,659,757
Overlook Investments LP19,007,171$158.5M100.0%No change
ARGA Investment Management, LP18,186,510$151.9M3.9%New
Vanguard Capital Management LLC16,078,193$134.3M0.0%+401,926
Jpmorgan Chase & Co12,458,083$105.3M0.0%−5,746,331
Morgan Stanley11,178,583$93.3M0.0%+3,062,495
D. E. Shaw & Co., Inc.10,325,869$86.2M0.1%+3,752,962
State Street Corp9,343,979$78.0M0.0%−226,094
Baillie Gifford & Co8,632,095$72.1M0.1%−1,103,819
Voloridge Investment Management, LLC7,328,394$61.2M0.3%+1,666,488
Himalaya Capital Management LLC6,590,836$55.0M1.5%No change
Renaissance Technologies LLC6,456,844$53.9M0.1%−113,500
Mawer Investment Management Ltd.6,202,845$51.8M0.4%−1,011,904
Marshall Wace, Llp6,041,331$50.4M0.0%+2,584,361
Geode Capital Management, LLC5,988,857$49.8M0.0%+2,439,415
Norges Bank5,837,956$48.7M0.0%New
Bnp Paribas Financial Markets5,567,989$46.5M0.0%+1,366,372
Massachusetts Financial Services Co /ma/5,358,422$44.9M0.0%−792,592
Sei Investments Co5,211,435$43.5M0.0%+1,230,615
Allspring Global Investments Holdings, LLC4,917,380$42.6M0.1%+671,017
UBS Group AG4,464,039$37.3M0.0%+806,602
Cape Ann Asset Management Ltd4,426,136$37.0M8.5%New

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

1 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Apr 8, 2025Gilbert Ray Cisneros, Jr.Democratic, HouseSale$1,001 - $15,000+83.2%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

The numbers on this page point here. Each one links to the record it came from.

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