BNY Mellon announced today that it has been appointed by Tencent Music Entertainment as Depositary Bank for its NYSE-listed Level III American Depositary Receipt Program. At an offering price of USD$13, the total ADR offering will amount to $1.1 billion giving the company an initial market value of $21.3 billion.
Tencent Music Entertainment (NYSE: TME) is the largest online music entertainment platform in China, an all-in-one music entertainment destination that allows users to discover and engage with music. With the most comprehensive library of music content in recorded and live, audio and video formats, Tencent Music Entertainment had over 800 million total unique users in the second quarter of 2018, covering the full spectrum of user demographics in China.
“As the largest online music entertainment platform in China, Tencent Music Entertainment Group seeks to lead the development of a vibrant music entertainment economy, creating long-term value for users, artists and content partners." said Shirley Hu, Chief Financial Officer of Tencent Music Entertainment Group, “As a NYSE listed company, we believe our partnership with BNY Mellon is important and we are impressed by its experienced ADR team.”
“With China’s online music market at a promising stage of development, we are extremely excited to partner with Tencent Music Entertainment, in connection with their NYSE-Listed American Depositary Receipts program," said Frank LaSalla, CEO Issuer Services, BNY Mellon.
"This appointment is a tremendous addition to our portfolio of clients in the Asia-Pacific region. It clearly reflects the strength of our team and the BNY Mellon platform. We look forward to supporting Tencent Music Entertainment with the highest level of service and support,” said David Cruikshank, Chairman of Asia Pacific, BNY Mellon.
BNY Mellon acts as depositary for 832 American and global depositary receipt programs as of Sept. 30, 2018. Acting in partnership with leading companies from over 55 countries, BNY Mellon is committed to helping securities issuers access the world's rapidly evolving financial markets and delivers a comprehensive suite of depositary receipt services. Learn more at www.bnymellon.com/dr.
About BNY Mellon
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries. As of September 30, 2018, BNY Mellon had $34.5 trillion in assets under custody and/or administration, and $1.8 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on http://www.bnymellon.com/. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.