HK Stock Market Move | TME-SW(01698) opened more than 9% higher and will be included in the Hang Seng Technology Index constituents.

TME-SW (01698) opened more than 9% higher, up 9.22% to HK$56.85 as of the time of writing, with a turnover of HK$875,500. On the news front, after the market closed on February 21, Hang Seng Index Company announced the quarterly review results of the Hang Seng Index Series as of December 31, 2024, with adjustments to take effect from March 10, 2025. Among them, Tencent Music will be included in the Hang Seng Tech Index. In addition, the company announced that it will release its financial results for the fourth quarter and full year of 2024 after the market closes on March 18. China International Capital Corporation expects Tencent Music's fourth-quarter 2024 performance to be in line with market expectations, estimating a 6% year-on-year increase in total revenue; with an adjusted net profit margin of 27%. In particular, core music membership business revenue is expected to increase by 17% year-on-year.