Why Tencent Music Entertainment Group Fell 15% in April
Shares of Tencent Music Entertainment Group (NYSE: TME) fell 15% in April, according to data provided by S&P Global Market Intelligence. The dominant Chinese music streaming app's decline followed an epic fall in March, when Archegos Capital Management, a multi-billion-dollar family office, had a huge margin call on its stock portfolio. Archegos' lenders seized its holdings, which included Tencent Music, and sold them en masse stock after a big run-up during February and March.
In April, the company quickly became the target of a new Chinese antitrust campaign.
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