Tencent Music’s buyback plans represent 2.9% of the company’s current market value. The New York-listed firm’s stock slumped almost 20% on Friday after Goldman Sachs sold US$6.6 billion worth of shares in it, Baidu Inc., and Vipshop Holdings Ltd. before the market opened in the US, according to an email to clients seen by Bloomberg News.
Tencent Music Entertainment Group announced a US$1 billion ($1.34 billion) share buyback Monday, days after the Chinese online music company was caught up as one of the names hit by a liquidation of holdings by former Tiger Management trader Bill Hwang.
In an extraordinary series of block trades on Friday, banks including Goldman Sachs Group Inc. and Morgan Stanley wiped out US$35 billion from the values of bellwether stocks, ranging from Chinese technology firms to US media companies, as they sold off the holdings of Hwang’s Archegos Capital Management.
