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Entertainment and Sports Law Initial Public Offerings Litigation

New York Federal District Court Dismisses Investor Lawsuit Over Tencent Music IPO

In December 2018, China-based titan Tencent Music Entertainment launched a U.S. initial public offering (IPO). But the IPO resulted in an investor’s class action suit alleging TME violated federal securities laws. This is part of a trend of increasing such securities suits against foreign companies, though the U.S.

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China-based titan Tencent Music Entertainment (TME) has been expanding its international reach for the past several years. With online music, live-streaming and karaoke services, TME’s 2020 revenues were $4.5 billion (live-streaming and karaoke accounted for 72% of this) with a market capitalization of $51.8 billion. As part of its expansion, TME and its parent company Tencent Holdings now own a 20% equity stake in Universal Music Group and 10% of Warner Music Group in the United States.

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