Why Tencent Music Surged 19.9% in July

Shares of Tencent Music Entertainment Group (NYSE: TME) rose 19.9% in July, according to data from S&P Global Market Intelligence.

Why the rally? A few things: First, the stock received an analyst upgrade on the last day of June, then inked a high-profile partnership with a leading Japanese anime studio to start the month. The first week of July also saw a leading Chinese paper call on Chinese citizens to buy Chinese stocks. While Tencent Music is officially listed in the U.S., it is, for all intents and purposes, a Chinese stock, and it appreciated on the heels of the endorsement.

Image source: Getty Images.

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Source Fool.com