Why Tencent Music Stock Crashed Today

1 min read

Shares of Chinese music streaming service Tencent Music Entertainment Group (NYSE: TME) got caught in a landslide this morning, tumbling as much as 21% in early trading, and still down about 19% as of 12:45 p.m. EDT.

And yet, the only news apparent on the wires today is an announcement from HSBC bank that it’s raising its price target on Tencent Music stock to $35 — nearly $10 above where it currently trades.

So what gives?

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