China’s Tencent Music Entertainment Group (NYSE:TME) has announced that it will buy back up to $1 billion U.S. worth of its own stock after the U.S.-listed shares suffered a big drop.
The share repurchase begins on March 29 and will take place over the next 12 months.
Tencent Music is the online music arm of Chinese technology giant Tencent which runs streaming services and apps. The company, which is listed on the New York Stock Exchange, lost a third of its value last week amid a selloff in Chinese technology stocks.
Part of that selling came after the U.S. Securities and Exchange Commission (SEC) adopted a law that could lead to the delisting of foreign firms that do not comply with American auditing rules.
Tencent Music said in a written statement that it will repurchase Class A ordinary shares in the form of American depositary shares.
