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Hang Seng Index futures opened down 0.08% at 24,725 points, a discount of 27 points.On March 31, the State Administration for Market Regulation released a report on the progress of the 2025 "Quality Certification Improvement Action for Small and Micro Enterprises." According to statistics, a total of 1,816 supporting incentive policies were introduced nationwide, providing approximately 123.5 billion yuan in financial credit support such as "certification loans," and implementing 930 million yuan in fiscal subsidies. 488 certification bodies reduced or waived certification fees by approximately 100 million yuan, provided free training to 722,000 enterprises, provided targeted assistance to over 79,000 enterprises, resolved approximately 48,000 key quality issues, cultivated approximately 138,000 quality management talents, and indirectly created approximately 143,000 new jobs. Small and micro enterprises participating in the improvement action saw an average annual revenue increase of approximately 14.8%, an average profit margin increase of approximately 6.8%, and an average quality cost decrease of approximately 12.2%. Meanwhile, enterprises continued to increase their investment in innovation, with R&D investment as a percentage of revenue increasing by an average of 7.6%.March 31st - Both WTI and Brent crude oil prices continued to decline, falling more than 1% intraday, currently trading at $104.23/barrel and $106.82/barrel respectively. In related news, reports indicate that Trump is willing to end the war while the Taiwan Strait remains closed.March 31 - On March 30, local time, a village on Qeshm Island in southern Iran was attacked by the United States and Israel, resulting in eight deaths. Qeshm Island is Irans largest island and the largest island in the Persian Gulf, located north of the Strait of Hormuz.Japanese Finance Minister Satsuki Katayama: We are prepared to take all necessary measures in the foreign exchange market.

Tencent Music's income exceeds estimates due to a rise in subscriptions

Aria Thomas

Aug 16, 2022 10:39

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Tencent Music Entertainment Group (NYSE:TME) quarterly revenue predictions were surpassed on Monday, as a slate of original content and pandemic-driven lockdowns helped its Spotify-like music streaming platform attract more paying customers.


In extended trading, the company's U.S. shares surged by 3% following the report that the number of paying online music users increased by a quarter to 82.7 million as a result of China's tight stay-at-home orders. The revenue generated from music subscriptions grew by 18%.


A push for new content, including a partnership with Tencent Holdings (OTC:TCEHY) to generate music from popular video game titles, was also beneficial to the company.


However, there were signs that tight competition and a slow economy as a result of Beijing's zero-COVID policy were affecting Tencent Music's business.


Sales for social entertainment, the company's largest revenue source and home to its karaoke app WeSing and live concert platform Kuwo Music, decreased by 20%.


Tencent Music claimed that it hopes to boost the division's growth by offering audio live streaming capabilities.


Last year, the company was forced to cede its exclusive ties with major music labels due to regulatory scrutiny, eroding its competitive advantage against Cloud Music and Bytedance's short-video sharing platform Douyin.


According to Refinitiv IBES figures, total revenue for the second quarter ended June 30 was 6.91 billion yuan ($1.02 billion), exceeding analysts' expectations of 6.62 billion yuan.


The company's earnings per American depository share (ADS) were 0.63 yuan, which was above the average estimate of 0.56 yuan per ADS.

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