Tencent Music’s Stock Won’t Rally Until These 3 Things Happen

Tencent Music Entertainment(NYSE:TME), the top music streaming company in China, went public in late 2018 and its stock currently trades nearly 20% above its IPO price. That’s a decent return, but its Swedish counterpart Spotify (NYSE:SPOT) has nearly doubled in value since its direct listing in early 2018.
Back in June, I explained why investors favored Spotify over Tencent Music: Spotify generated stronger growth in revenue and paid users, operated a simpler business model that didn’t rely on…

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