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China's Tencent Music shares debut strikes a chord with investors


Tencent Music Entertainment company is seen officially listed on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 12, 2018. REUTERS

Tencent Music Entertainment company is seen officially listed on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 12, 2018. REUTERS

NEW YORK: Shares of China-based music streaming company Tencent Music Entertainment Group <TME.N> rose in their U.S. debut on Wednesday, as investors shrugged off volatile markets to grab a piece of the fast-growing music streaming industry.

The company's shares opened at US$14.10, or 8.5 percent above their initial public offering price of $13 per share, giving Tencent a market capitalization of about $23 billion - on par with Swedish peer Spotify Technology SA's <SPOT.N> current valuation. Spotify is an investor in the Chinese company.

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