China’s market regulator conditionally approved Tencent Holdings’ acquisition of audio platform Ximalaya. The approval mandates an end to exclusive copyright agreements. Tencent must also maintain current service fees and existing levels of free content. This acquisition serves as a long-term catalyst for Tencent Music’s expansion into audio entertainment.
Tencent Music (TME) released first-quarter 2026 earnings. The company issued the report on May 12. Revenue met market expectations. Earnings fell short of targets.
Citi lowered its price target for TME to $13. The previous target stood at $15. The bank cited intensifying competition and AI disruption as primary risks. Citi maintained its Buy rating on the stock.