Stock Track | TME-SW Plummets 11.41% in Hong Kong as Mixed Q2 Results and Revenue Miss Weigh on Sentiment

Stock Track08-12

Shares of TME-SW, the Hong Kong-listed stock of Tencent Music Entertainment Group, plunged 11.41% in intraday trading on Wednesday, tracking a sharp decline in its US-listed counterpart overnight.

The sell-off came after Tencent Music reported mixed second-quarter 2026 results. While adjusted earnings per share of CNY1.70 beat analyst expectations of CNY1.60, revenue of $1.32 billion fell short of the $1.35 billion consensus estimate, disappointing investors. The company’s gross margin also narrowed slightly to 44.2% from 44.4% a year earlier.

Management highlighted plans to build long-term growth around premium music IP, Ximalaya’s audio content, and AI-powered product upgrades, but the immediate revenue miss overshadowed the positive commentary. The US-listed TME shares tumbled over 10% in Tuesday’s session, setting the stage for the Hong Kong decline.

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