Tencent Music Entertainment Group Files 20-F Annual Report

TL;DR

<b>Tencent Music Entertainment Group has filed its 20-F annual report for the fiscal year ending December 31, 2023.</b>

AI Summary

Tencent Music Entertainment Group (TCMEF) filed a Foreign Annual Report (20-F) with the SEC on April 18, 2024. Filing is the 20-F annual report for Tencent Music Entertainment Group. The report covers the fiscal year ending December 31, 2023. The company is incorporated in E9 and its fiscal year ends on December 31. Business and mailing addresses are located in Nanshan District, Shenzhen. The filing includes various financial asset and liability disclosures for periods up to December 31, 2023.

Why It Matters

For investors and stakeholders tracking Tencent Music Entertainment Group, this filing contains several important signals. This filing provides a comprehensive overview of the company's financial performance and position for the past fiscal year, crucial for investors to assess its health and future prospects. The detailed disclosures on financial assets, liabilities, and reserves offer insights into the company's risk management and operational stability.

Risk Assessment

Risk Level: low — Tencent Music Entertainment Group shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain immediate, significant negative news, indicating a routine disclosure.

Analyst Insight

Review the detailed financial statements and risk factor disclosures within the 20-F filing to understand Tencent Music's financial health and strategic direction.

Key Numbers

• 20231231 — Fiscal Year End (Conformed Period of Report)
• 20240418 — Filing Date (Filed as of Date)
• 169 — Public Document Count (Document Count)

Key Players & Entities

• Tencent Music Entertainment Group (company) — Filer
• 20231231 (date) — Conformed Period of Report
• 20240418 (date) — Filed as of Date
• 0000950170-24-045593 (filing) — Accession Number
• Nanshan District, Shenzhen (location) — Business Address City/State
• 86 755 86013388 (phone) — Business Phone

FAQ

Industry Context

Tencent Music Entertainment Group operates within the online music and entertainment sector in China.

Regulatory Implications

The filing is a standard 20-F report required by the SEC for foreign private issuers.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow.
2. Review disclosures on assets and liabilities, including any significant debt or equity changes.
3. Examine risk factors and management's discussion for potential challenges and strategies.

Key Dates

• 2024-04-18: Filing Date — Submission of the 20-F annual report

Year-Over-Year Comparison

This is the initial filing of the 20-F for the period ending December 31, 2023.

Key Financial Figures

• $0.000083 — wo Class A ordinary shares, par value US$0.000083 per share TME The New York Stock Ex
• $ — lar governing body of such entity; "US$," or "U.S. dollars" refers to the legal
• $1 — .S. dollars were made at RMB7.0999 to US$1.00, the noon buying rate on December 29

Filing Documents

• tme-20231231.htm (20-F) — 8019KB
• tme-ex4_80.htm (EX-4.80) — 166KB
• tme-ex8_1.htm (EX-8.1) — 14KB
• tme-ex12_1.htm (EX-12.1) — 16KB
• tme-ex12_2.htm (EX-12.2) — 16KB
• tme-ex13_1.htm (EX-13.1) — 8KB
• tme-ex13_2.htm (EX-13.2) — 8KB
• tme-ex15_1.htm (EX-15.1) — 7KB
• tme-ex15_2.htm (EX-15.2) — 11KB
• tme-ex15_3.htm (EX-15.3) — 3KB
• tme-ex97_1.htm (EX-97.1) — 59KB
• img4068703_0.jpg (GRAPHIC) — 163KB
• img4068703_1.jpg (GRAPHIC) — 115KB
• img4068703_2.jpg (GRAPHIC) — 163KB
• img122269917_0.jpg (GRAPHIC) — 133KB
• 0000950170-24-045593.txt (&nbsp;) — 28043KB
• tme-20231231.xsd (EX-101.SCH) — 2554KB
• tme-20231231_htm.xml (XML) — 6306KB

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 150 ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 151 PART II 153 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 153 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 153 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 153 ITEM 16. RESERVED 154 ITEM 16.A. AUDIT COMMITTEE FINANCIAL EXPERT 154 ITEM 16.B. CODE OF ETHICS 154 ITEM 16.C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 154 ITEM 16.D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 155 ITEM 16.E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 155 ITEM 16.F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 155 ITEM 16.G. CORPORATE GOVERNANCE 156 ITEM 16.H. MINE SAFETY DISCLOSURE 156 ITEM 16.I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 156 ITEM 16.J. INSIDER TRADING POLICIES 156 ITEM 16.K. CYBERSECURITY 156 PART III 157 ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 157 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 157 ITEM 19. EXHIBITS 157 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS F- 1 IN TRODUCTION Except where the context otherwise indicates and for the purpose of this annual report only: "ADSs" refers to the American depositary shares, each representing two Class A ordinary shares; "AI" refers to artificial intelligence; "AIGC" refers to AI-generated content; "Articles of Association" refers to our amended and restated memorandum and articles of association, as amended from time to time; "Beijing Gongse" refers to Beijing Gongse Enterprise Management Co., Ltd., one of the VIEs; "Beijing Kuwo" refers to Beijing Kuwo Technology Co., Ltd., one of the VIEs; "Beijing Shangqin" refers to Beijing Shangqin Culture Management Partnership (Limited Partnership), one of the VIEs; "Beijing Yuzhong" refers to Beijing Yuzhong Entertainment Culture Partnership (Limited Partnership), one of the VIEs; "Beijing Zhizheng" refers to Beijing Zhizheng Music Culture Co., Ltd., one of the VIEs; "CAC" refers to the Cyberspace Administration of China; "China" or "PRC" refers to the People's Republic of China and only when this annual report refers to specific laws and regulations adopted by the PRC, excludes Hong Kong, Macau and Taiwan; "CMC" refers to China Music Corporation; "Group" refers to Tencent Music Entertainment Group, its subsidiaries and consolidated variable interest entities, or the VIEs, and their respective subsidiaries; "Guangxi Hexian" refers to Guangxi Hexian Investment Management Co., Ltd., one of the VIEs; "Guangxi Qingse" refers to Guangxi Qingse Venture Capital Co., Ltd., one of the VIEs; "Guangzhou Kugou" refers to Guangzhou Kugou Computer Technology Co., Ltd., one of the VIEs; "Hong Kong Listing Rules" refers to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, as amended or supplemented from time to time; "Hong Kong Stock Exchange" refers to The Stock Exchange o

IDENTIT Y OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTIT Y OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not applicable.

OFFER STATIS TICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATIS TICS AND EXPECTED TIMETABLE Not applicable.

KEY INFO RMATION

ITEM 3. KEY INFO RMATION Contractual Arrangements and Corporate Structure Tencent Music Entertainment Group is a Cayman Islands holding company. It does not engage in operations itself but rather conducts its operations through its PRC subsidiaries and consolidated variable interest entities, or the VIEs. The VIEs hold key operating licenses, provide certain key services to customers, and enter into contracts with certain major suppliers. The Group operates its businesses this way because PRC laws and regulations restrict or prohibit foreign investment in companies that engage in value-added telecommunication services, internet cultural services, internet audio-video program services and certain other businesses. As a result, we depend on certain contractual arrangements with the VIEs to operate a significant portion of our business. These contractual arrangements entered into with the VIEs allow us to (i) direct the activities of the VIEs that most significantly impact the VIEs' economic performance, (ii) receive substantially all of the economic benefits of the VIEs, and (iii) have an exclusive option to purchase all or part of the equity interests in the VIEs when and to the extent permitted by PRC law. The VIE structure is used to provide investors with exposure to foreign investment in China-based companies where PRC law restricts direct foreign investment in such operating companies in the PRC. These contractual arrangements include equity interests pledge agreement(s), exclusive option agreement(s), exclusive technical service agreement(s) or business cooperation agreement(s), loan agreement(s), debt assignment and offset agreement(s), voting trust agreement(s) or power of attorney, spouse consent(s) , as the case may be. As a result of these contractual arrangements, we are considered the primary beneficiary of the VIEs for accounting purposes and are able to consolidate their operating results in our financial statements under IFRS. As used in this annu

View Full Filing

View this 20-F filing on SEC EDGAR