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Tencent Shares Boosted By Buyback Plan, Gain 6% Premarket

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By Dhirendra Tripathi

Investing.com – Tencent Music (NYSE:TME) shares were up nearly 6% in Monday’s premarket trade following the company’s announcement of a $1 billion stock buyback program.

The announcement comes after three days of intense selling as a result of forced selling by Archegos Capital Management. the family office of former hedge fund manager Bill Hwang. The stock lost half its value in those three days before rebounding on Friday.

The share buyback is the biggest for the China-based music streaming service, valued at $34 billion. It aims to fund the repurchases from its existing cash balance.

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