Tencent Music shares started trading in Hong Kong Wednesday, opening at HK$18 (US$2.29) and rising 1.22 percent. The listing does not involve fundraising nor has the company issued new shares.

Tencent Music is the largest music streamer in China, with three platforms – QQ, KuGou and Kuwo – and an online Karaoke app, WeSing. 

Tencent Music went public in New York in 2018, with a debut price of US$14.1. On Tuesday, it closed at US$4.58. 

The prospectus showed Tencent Music’s revenue last year was 31.2 billion yuan and its net profit was 3.2 billion yuan. In Q2 this year, its revenue was down 13.8 percent year-on-year to 6.9 billion yuan.