Tencent Music Entertainment Group
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Reuters reported on July 12, 2021 that China’s State Administration of Market Regulation, the country’s antitrust regulator, was “set to order the music streaming arm of Tencent Holdings Ltd. to give up exclusive rights to music labels which it has used to compete with smaller rivals”, citing “people with knowledge of the matter.” It is further reported in this article that the SAMR “will also fine [Tencent] 500,000 yuan ($77,150) for lapses in reporting the acquisitions of apps Kuwo and Kugou.” Tencent’s American Depositary Receipt (“ADR”) price fell $0.54 per ADR, or 4.19%, on this news, to close at $12.34 per ADR on July 12, 2021.