Tencent Music’s US stocks fell 9.9% at the opening. As of press time, Tencent Music fell 8.82% to 9.83 US dollars per share, with a total market value of 16.637 billion US dollars. NetEase fell more than 8% per share, to US$94.42 per share. Of course, the overall market has shown a downward trend recently.
Naijatechnews learned that Tencent was previously ordered by the State Administration for Market Regulation to lift the exclusive copyright of online music. The State Administration of Market Supervision made an administrative penalty decision in accordance with the law, ordering Tencent and its affiliates to adopt methods such as dissolving exclusive music copyrights and stopping high prepayments within 30 days, and not requiring upstream copyright parties to give them conditions superior to their competitors without justifiable reasons. And other measures to restore market competition.
In this regard, Tencent said that the company will earnestly abide by the decision, strictly implement regulatory requirements, operate in compliance with laws and regulations, and earnestly perform social responsibilities to maintain healthy competition in the market. Tencent will consolidate its responsibilities, formulate rectification measures with Tencent Music and other affiliated companies within the prescribed time limit, and complete them in full in accordance with the requirements of the penalty decision to ensure that the rectification is in place.
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