JP-TMEG@EC2612A

SFSY NEW MAT

IMPERIUM FIN GP

XUNCE

PETRO-KING

SUNWAY INT'L

WANJIAGROUP RTS

MIRICOR

JINYUAN HCHEM

SKYMISSION GP

CARSGEN-B

159707

01698

603986

00100

520920

STECH

36Kr learned that the Hang Seng Index closed down 1.35%, and the Hang Seng TECH Index fell 0.12%; the semiconductor, real estate, and media sectors led the decline, with GIGADEVICE down over 6%, HANG LUNG PPT down over 4%, Tencent Music down over 2%, and Kuaishou and SMIC down over 1%; the coal, software services, and oil & petrochemical sectors strengthened, with HIDILI INDUSTRY up over 24%, MiniMax up over 23%, and China National Offshore Oil Corporation up over 3%; southbound funds net bought HKD 37.213 billion, setting a new historical high

36Kr

Hwabao WP CSI 800 Real Estate ETF

TME-SW

GIGADEVICE

CSOP HS TECH

MINIMAX-WP

HIDILI INDUSTRY

GX HS TECH

Yinhua CSI Interior Real Estate Theme ETF

GF CSI All Share Financials ETF

Tianhong Hang Seng TECH ETF(QDII)

GLORIOUS PPT H

SMIC

China Southern CSI All Share Real Estate ETF

HANG LUNG PPT

ISHARESHSTECH

Hang Seng TECH Index

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

Tencent Music

Harvest Hang Seng SCHK Technology ETF

The Hang Seng Index closed down 1.35%, with net inflows from southbound funds reaching HKD 37.213 billion, setting a new historical high

01896

01060

Tencent Music has launched a new ticketing platform "E Ticket," covering various types of performances such as concerts and exhibitions, becoming a new ticketing channel alongside MAOYAN ENT and DAMAI ENT. The platform has been launched in the Beijing area, offering content such as Mandarin pop concerts, nostalgic song performances, and art exhibitions, aiming to provide users with more ticket purchasing options

Donews

MAOYAN ENT

DAMAI ENT

Tencent Music launched the "E Ticket" ticketing platform

UNVGY

March 5 (Reuters) - Universal Music Group NV (UMG.AS) :UMG FY REVENUE EUR 12,507 MILLION VERSUS. IBES ESTIMATE EUR 12,304 MILLIONUMG FY ADJUSTED EBITDA EUR 2,810 MILLION VERSUS. IBES ESTIMATE EUR 2,711 MILLIONUMG FY ADJUSTED EBITDA MARGIN 22.5%UMG FY EBITDA EUR 2,538 MILLIONUMG FY OPERATING PROFIT EUR 1,998 MILLIONDECIDED THAT IT IS NOT RIGHT TIME TO MOVE AHEAD WITH A U.S. LISTINGFY EPS DILUTED EUR 0.83PROPOSES A TOTAL DIVIDEND OF EUR 0.52 PER SHARE Source text: Further company coverage: (UMG.AS)(Gdansk Newsroom)

- Universal Music Group reported a fiscal year revenue of EUR 12,507 million, exceeding the IBES estimate of EUR 12,304 million.  
- The company adjusted EBITDA was EUR 2,810 million, surpassing the estimated EUR 2,711 million, resulting in an adjusted EBITDA margin of 22.5%.  
- UMG has decided it is not the right time to pursue a U.S. listing, while proposing a total dividend of EUR 0.52 per share.

Reuters

Warner Music Group - CL

Universal Music Group N.V.

UMG FY Revenue EUR 12,507 Million; Drops Plans For U.S. Listing

Goldman Sachs lowered the target price for Tencent Music to 78 yuan, believing that the stock price is attractive after the correction. The report pointed out that Tencent Music faces market competition pressure and margin challenges, but it is expected that music business revenue will grow by 17% year-on-year in the fourth quarter of 2025. Overall revenue is expected to grow in the mid-single digits, with margins remaining stable. Based on the current valuation, the "Buy" rating is maintained. The target price for U.S. stocks has been lowered from $23 to $20

AASTOCKS

Goldman Sachs lowers Tencent Music's target price to 78 yuan, making it attractive after the stock price adjustment

MSGE

NetEase, Tencent Music Entertainment Group, Warner Music Group, Madison Square Garden Entertainment, and Dolby Laboratories are highlighted as key music stocks to watch, according to MarketBeat. These companies are involved in various aspects of the music industry, including streaming, publishing, and technology. Investors analyze these stocks based on factors like streaming subscriptions and touring revenue. The report emphasizes their recent high trading volumes and provides insights into their business operations and market potential.

Market Beat

Madison Square Garden ENT

Dolby Laboratories

Music Stocks To Research - March 4th

Create Music Group has successfully raised $450 million, reaching a valuation of $2.2 billion. The fundraise was completed on March 4, 2026. This information was clarified by Create Music Group in a recent news release. Additional details regarding this development can be found at the end of the article.

Unusual Whales

MeGroup

Invesco Leisure & ENT ETF

Create Music Group completes $450M fundraising at $2.2B valuation, as per corrected news release dated 04-Mar-2026.

01913

159740

00HSI

06181

36Kr learned that the Hang Seng Index opened up 0.25%, and the Hang Seng Technology Index rose 0.15%; the consumer and media sectors led the gains, with LAOPU GOLD and TME-SW rising over 3%, and PRADA rising over 2%; the semiconductor and coal sectors saw the largest declines, with Zhaoyi Innovation falling over 4%, and Aisino and Lattice Semiconductor dropping over 2%

PRADA

Dacheng Hang Seng Technology ETF(QDII)

Hang Seng TECH ETF I

China Southern Hang Seng ETF

Hang Seng Index

LAOPU GOLD

ChinaAMC Hang Seng Technology ETF(QDII)

The Hang Seng Index opened up 0.25%, and the Hang Seng Technology Index rose 0.15%

00020

02015

09868

The Hang Seng Index opened up 0.25%, and the Hang Seng TECH Index rose 0.15%. SenseTime increased by over 4%, Tencent Music rose by over 3%, and Trip.com, XPeng, and Li Auto all rose by over 1%

Wallstreetcn

SENSETIME-W

LI AUTO-W

XPENG-W

TCTZF

Keystone Investors Pte Ltd has fully exited its stake in Tencent Music Entertainment Group (TME), which is pivoting from virtual gifting to music subscriptions in China's paid streaming market. This shift raises questions about TME's ability to grow subscribers and manage costs amid competition. The company plans to release its Q4 2025 and full-year results in March 2026, which will be crucial for investors. Despite concerns over rising content costs and regulation, TME's revenue is projected to reach CN¥45.8 billion by 2028, with a fair value estimate of $26.84, indicating an 82% upside from its current price.

- Keystone Investors Pte Ltd has completely exited its position in Tencent Music Entertainment Group while the company shifts from virtual gifting to subscription revenue in the growing Chinese streaming market.  
- This transition, alongside the departure of a major shareholder, highlights Tencent Music's need to grow its subscriber base and manage content costs amid increasing competition.  
- The upcoming Q4 2025 results, expected in March 2026, will provide insights into Tencent Music's progress in acquiring paid users and adjusting to rising content expenses.

Simplywall

Tencent Holdings Limited

TENCENT

Tencent

What Tencent Music Entertainment Group (TME)'s Major Shareholder Exit and Subscription Pivot Means For Shareholders

TOUR

INFY

Asian equities traded in the US saw American depositary receipts decline by 0.3% to 2,981.58 on the S&P Asia 50 ADR Index. Notable gainers included Canaan (CAN) up 6.5% and Tuniu (TOUR) up 5.3%. Decliners included The9 (NCTY) down 3.6% and Tencent Music (TME) down 3.5%. From South Asia, Infosys (INFY) rose 1.6%, while Sea (SE) fell 3.5%.

- Asian equities in the US dipped 0.3% to 2,981.58 on the S&P Asia 50 ADR Index.  
- Notable gainers included Canaan and Tuniu from North Asia, while South Asia's Infosys also posted a modest increase.  
- The declines were led by The9 and Tencent Music in North Asia, and Sea and Sify Technologies in South Asia.

fidelity

Tuniu

Infosys

Canaan

Asian Equities Traded in the US as American Depositary Receipts Edge Lower in Wednesday Trading

Hong Kong stocks fell sharply, dropping 489 points (1.8%) to 26,604, reversing a previous rally. This decline followed a significant drop on Wall Street due to renewed U.S. trade policy uncertainty after President Trump's new tariffs. The tech sector fell over 2%, and local jobless rates reached a three-year high of 3.9%. Despite this, a rebound in the Shanghai Composite limited losses. Notable decliners included Tencent Music (-4.3%) and Laopu Gold (-3.9%). Investors are awaiting key economic data releases this week.

Trading Economics

Hong Kong Stocks Drop Sharply

00268

The Hang Seng Tech Index fell 2% intraday, Kingdee International dropped over 8%, and Tencent Music fell over 4%

KINGDEE INT'L

159855

517770

516620

516190

Virgin Music Group (VMG) has completed its acquisition of Downtown Music Holdings LLC, marking a significant milestone in providing solutions for independent artists and rights holders. Pieter van Rijn, previously CEO of Downtown, has been appointed as VMG's Chief Operating Officer. Downtown's founder, Justin Kalifowitz, is stepping down, while Andrew Bergman transitions to a senior advisory role. The acquisition aims to enhance services and global reach for the independent community, preserving the strengths of both companies while unlocking new growth opportunities.

- Virgin Music Group (VMG) has completed its acquisition of Downtown Music Holdings, marking a milestone in providing solutions for independent artists and rights holders.  
- Pieter van Rijn has been appointed Chief Operating Officer of VMG, previously serving as CEO of Downtown, where he will oversee global operations and strategic integration.  
- The acquisition aims to enhance resources and services for independent entrepreneurs while preserving the strengths of both companies.

prnewswire

Yinhua CSI Movies Theme ETF

AXA SPDB CSI Hugangshen Game and Culture Media ETF

Guotai CSI Movies Theme ETF

ChinaAMC CSI Cultural Entertainment Media ETF

10:18 ETVIRGIN MUSIC GROUP COMPLETES ACQUISITION OF DOWNTOWN

02513

00390

02050

06160

06618

09888

01347

01880

KNOWLEDGE ATLAS(02513) rose 42.72%, with a trading turnover 3.2 Billion HKD, and a year-to-date rose 523.9%. MINIMAX-WP(00100) rose 14.52%, with a trading turnover 3.5 Billion HKD, and a year-to-date rose 487.9%. JD HEALTH(06618) fell 6.27%, with a trading turnover 341.2 Million HKD, and a year-to-date rose 2.4%. BIDU-SW(09888) fell 6.25%, with a trading turnover 2.5 Billion HKD, and a year-to-date fell 1.9%.

- The Hang Seng Index fell by 1.1%, with a year-to-date increase of 3.1%, while the Hang Seng Tech Index decreased by 2.91% and is down 5.5% year-to-date.  
- Notable stocks include Zhizhi (02513), which rose by 42.72% with a turnover of 3.24 billion HKD, and MINIMAX-WP (00100), which gained 14.52% with a turnover of 3.53 billion HKD.  
- Conversely, JD Health (06618) and Baidu-SW (09888) declined by 6.27% and 6.25%, respectively, with year-to-date performances of 2.4% and -1.9%.

Top Gainers & Losers

KNOWLEDGE ATLAS

CHINA RAILWAY

SANHUA

BEONE MEDICINES

JD HEALTH

BIDU-SW

HUA HONG SEMI

CTG DUTY-FREE

Top 5 HK Stock Gainers/Losers (>100B) (2.20)

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

BILIBILI-W

Bilibili

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)...

Meta Platforms

CHINA LIT

Lotus Tech

C3.AI

Lovesac

LOTUS TECHNOLOGY INC C/WTS 22/02/2029 (TO PUR COM)

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

Today’s Key News Recap

1113 ｜Dolphin Research Key Focus: 🐬 Macro/Industry 1. Trump signed a temporary federal government funding bill passed by both houses of Congress at the White House, ending the longest federal government shutdown in history that lasted 43 days. In the short term, it can restart federal services, issue back pay to employees, alleviate the impact on people's livelihood such as aviation delays and welfare interruptions, and resume the release of economic data to stabilize market expectations. However, the bill is only a temporary solution and does not address core differences such as healthcare subsidies and the remaining 9 annual appropriations, so there is still a risk of a shutdown after January 30...

BABA-W

BIDU ADR US

Rivian Automotive

FL2CSOPGOLD

SPDR Gold Shares

Pro Ultr Silver

iShares Silver Tr

Applied Materials

NVIDIA

Disney

OpenAI

Tesla

Vipshops

BABA-WR

Alibaba HK SDR 5to1

Alibaba

BIDU-SWR

Baidu HK SDR 10to1

Baidu

SMIC HK SDR 5to1

Circle

Alibaba's 'Qianwen' plans to revamp to catch up with ChatGPT; Baidu's Kunlun Chip Supernode unveiled | Today's Important News Recap

The following are the minutes of Tencent Music's 3Q25 earnings conference call organized by Dolphin Research. For financial report interpretation, please refer to &#34;With ByteDance's Efforts, Can Tencent Music Still Be 'Small and Beautiful'?&#34; 1. Review of Core Financial Information: 1. Tencent Music Entertainment Group (TME) reported a 21% year-on-year increase in total revenue for the third quarter of 2025, reaching RMB 8.5 billion, marking the highest growth rate since the first quarter of 2021. This was driven by the continued growth of the music subscription business, strong performance in offline concerts, advertising services, and sales of artist-related merchandise. 2. Online music revenue increased by 27% year-on-year to RMB 7 billion...

Serial

American Century Multisector Income ETF

ISHRS St National Muni

Dave & Buster ENT

Flexshares Stoxx US ESG Select Index Fd

Dragon

Ameriprise Financial

Tencent Music (Minutes): Subscription growth slightly slowed, short-term investments impact profitability

JP-TMEG@EC2612A(26667.HK)

The Hang Seng Index closed down 1.35%, with net inflows from southbound funds reaching HKD 37.213 billion, setting a new historical high

Tencent Music launched the "E Ticket" ticketing platform

UMG FY Revenue EUR 12,507 Million; Drops Plans For U.S. Listing

Goldman Sachs lowers Tencent Music's target price to 78 yuan, making it attractive after the stock price adjustment

Music Stocks To Research - March 4th