Why Tencent Music Entertainment Stock Just Dropped

Rich Smith, The Motley Fool

26 July 2021 at 2:27 pm·1-min read

Why Tencent Music Entertainment Stock Just Dropped

Shares of Tencent Music Entertainment (NYSE: TME), the self-proclaimed "leading online music entertainment platform in China," are down 3.5% in 1:55 p.m. EDT trading Monday. The drop happened after Reuters reported that China's State Administration for Market Regulation (SAMR) fined the company and said it would not be permitted to enter into exclusive music copyright agreements in China anymore. China has been waging a full-scale regulatory war against its own Chinese tech companies over the past several weeks.

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