FAST NEWS: Tencent Music’s Hong Kong Shares Outshine New York in Trading Debut

The latest: Tencent Music Entertainment Group (TME.US; 1698.HK) listed on the Hong Kong Stock Exchange Wednesday using a method called “by way of introduction,” which does not involve issuing new shares. The stock is already listed in New York. Based on each American depositary share (ADS) representing two Hong Kong-listed shares, its opening price of HK$18 was slightly higher than the ADS’ New York Tuesday closing price, which was the equivalent of HK$17.98. Looking up: During the listing ceremony, Chairman Cussion Pang said the company will strengthen support for original…

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FAST NEWS: Noah Seeks to Upgrade Hong Kong Listing Status

The latest: Noah Holdings Private Wealth and Asset Management Ltd. (NOAH.US; 6686.HK) announced Wednesday that its board has approved allowing the company to convert its Hong Kong listing from secondary to primary status, and authorized the company’s senior management to take necessary steps for such a conversion. Looking up: Noah faces the risk of being delisted in the U.S., where it is one of more than 100 Chinese firms identified by U.S. securities regulators as being in danger of failing to comply with tighter auditing rules. By obtaining a second…

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