Tencent Music (TME) Approves $400M Buyback Program

Tencent Music Entertainment Group (NYSE: TME), the leading online music entertainment platform in China, today announced that its board of directors (the "Board") has authorized a share repurchase program under which the Company may repurchase up to $400 million of its Class A ordinary shares in the form of American depository shares ("ADSs") during a twelve-month period commencing on December 15, 2019 (collectively, the "Share Repurchase Program").

Mr. Cussion Pang, Chief Executive Officer of Tencent Music, said, "The Share Repurchase Program reflects the Board's confidence in the fundamental and long-term potential of the Company's business. Our strong financial position and cash generating ability not only enable us to continue to invest in our long-term sustainable growth, but also return value to our shareholders."

The Company's proposed repurchases may be made from time to time through open market transactions at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on the market conditions and in accordance with applicable rules and regulations. All Class A ordinary shares of the Company represented by the ADSs repurchased under the Share Repurchase Program are expected to be canceled. The timing and dollar amount of repurchase transactions will be subject to the Securities and Exchange Commission (the "SEC") Rule 10b-18 and Rule 10b5-1 requirements. The Board will review the Share Repurchase Program periodically, and may authorize adjustment of its terms and size or suspend or discontinue the program. The Company plans to fund repurchases from its existing cash balance.

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