Tencent Music aims to buy back $1bn in shares after Archegos selloff
Banks wipe out $35bn from the values of bellwether stocks as they ditch holdings
29 March 2021 - 11:12
Tencent Music Entertainment Group announced a $1 bn share buyback on Monday, days after the Chinese online music company was caught up as one of the names hit by a liquidation of holdings by former Tiger Management trader Bill Hwang.
In an extraordinary series of block trades on Friday, banks including Goldman Sachs Group and Morgan Stanley wiped out $35bn from the values of bellwether stocks, ranging from Chinese technology firms to US media companies, as they sold off the holdings of Hwang’s Archegos Capital Management...
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