Quote:
Originally Posted by ChiliConCarnage
I'd love for Tencent to keep dropping. Keeping my eye on that
They're supposed to IPO tencent music later this year
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Did anyone end up buying in? I ignored this because I wasn't really interested in a music company that I assumed was losing money
It ended up going public on Dec. 12th. Not a great time obviously. It IPO'd at 14 and instantly dropped to 12. The $14 valuation was about a 20 billion market cap. Earlier in the year they'd thought 25-30 or more.
When I looked into it, it seemed amazing so I bought some on 12/18 at 12.95. It's actually profitable already. Tencent bought out their biggest competitors in 2016 so they own the top 4 music app/sites in China. They have exclusivity agreements with Sony, Warner, etc. where they can deny any competitors rights to play songs. 70% revenue growth with 800 million MAU
Earnings are tomorrow after hours. I'm up 49% in a few months. I'm going to assume it'll pull back unless the outlook is amazing but I think I'll hold and see how the report looks.