BUZZ-China's Tencent Music hits record high on quarterly revenue beat

Reuters03-20

** Hong Kong shares of China's Tencent Music Entertainment Group jump 12.6% to HK$45.05, their highest since debut in September 2022

** Stock marks the biggest daily pct gain since November 2022

** U.S.-listed stock rose 6.4% on Tuesday

** Tencent Music beat fourth-quarter revenue estimates on Tuesday, driven by growth in paid subscription on its Spotify-like music streaming platform

** Citi upgrades the stock to "buy" from "neutral" saying Tencent Music's reults came ahead of expectation

** Hang Seng Tech Index gains 0.7%, Hang Seng Composite Index climbs 0.3% and Hang Seng Index adds 0.2%

** Hong Kong-listed stock up 31.5% YTD

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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