Phoenix.com Hong Kong Stocks |Deutsche BankAnalyst Leo Chiang willTencent Music(TME) rating downgraded from buy to hold, with a price target significantly reduced from $22 to $9. The analyst stated that Tencent Music lowered its outlook for its social entertainment business for the second half of the year in its financial report. He believes that the competitive landscape in the industry may change after the Market Regulatory Bureau ordered Tencent Music to abandon the implementation of exclusive music copyrights.Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
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