TME Finalises Ximalaya Takeover with US$1.26 Billion Cash and 175.29 Million Share Package

Bulletin Express05-18

Tencent Music Entertainment Group (TME) has completed the acquisition of Ximalaya Inc., turning the audio-platform operator into a wholly-owned subsidiary effective 18 May 2026.

Under the Agreement and Plan of Merger, Ximalaya shareholders and employee plan participants received a merger consideration comprising: • Cash of up to US$1.26 billion; and • Up to 175.29 million TME Class A ordinary shares, including newly issued shares and shares underlying equity-based awards.

All equity securities of Ximalaya were cancelled upon closing, and the transaction was executed in accordance with Hong Kong Listing Rule 13.09 and Part XIVA of the Securities and Futures Ordinance.

The board of TME remains chaired by Executive Chairman Cussion Kar Shun Pang, with six directors and three independent directors listed in the announcement.

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