Lei Jianping on April 20
Tencent Music recently filed a Form 20-F filing with the SEC in the United States, which shows that as of April 10, 2024, Tencent holds 52.5% of Tencent Music's shares and has 92.6% of the voting rights.
As of April 10, 2024, Tencent Music's shareholding structure
In addition, streaming giant Spotify holds an 8.2% stake.
Tencent Music's Executive Chairman is Peng Jiaxin, Director and CEO are Liang Zhu, Director and CFO are Hu Min, and Directors James Gordon Mitchell, Brent Richard Irvin and Zheng Runming are respectively.
The independent directors of Tencent Music are Yan Wenling, Mak Youji and Chen Jianyin, Chen Linlin, the Group's Vice President and Head of Kugou's Business Line, and Pan Caijun, the Group's Vice President and Head of Content Cooperation Business.
Chen Linlin is one of the founders of Kugou and is married to Xie Zhenyu, the former president and CTO of Tencent Music. In March 2024, Xie Zhenyu will resign as the company's president, chief technology officer and other related positions due to personal reasons, and will also resign as a director of the group.
Tencent Music's revenue in 2021, 2022 and 2023 will be 31.244 billion yuan, 28.339 billion yuan and 27.752 billion yuan (about 3.9 billion US dollars), respectively, gross profit will be 9.4 billion yuan, 8.77 billion yuan and 9.795 billion yuan, and gross profit margin will be 30.1%, 31% and 35.3% respectively.
Tencent Music's revenue from online music services in 2023 will be 17.325 billion yuan, and its revenue from social entertainment services and other services will be 10.427 billion yuan.
Tencent Music's R&D investment in 2021, 2022, and 2023 will be 2.339 billion yuan, 2.58 billion yuan, and 2.525 billion yuan (about 356 million U.S. dollars), respectively.
Tencent Music's operating profit in 2021, 2022 and 2023 will be 3.8 billion, 4.443 billion and 6.059 billion (about 853 million US dollars) respectively, and the operating profit margin will be 12.2%, 15.7% and 21.8% respectively.
Tencent Music's profits in 2021, 2022 and 2023 will be 3.215 billion yuan, 3.839 billion yuan and 5.22 billion yuan respectively, with profit margins of 10.3%, 13.5% and 18.8% respectively.
Pursuant to the US$500 million share repurchase program announced on March 21, 2023, the Company repurchased approximately 25.3 million ADSs from the open market for approximately US$175 million in cash as of December 31, 2023.
As of December 31, 2023, Tencent Music Entertainment Group's combined balance of cash, cash equivalents and term deposits was RMB32.22 billion (US$4.54 billion).
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