Tencent Music rose more than 7% intraday, the company will announce its results after the market closes, and institutions are optimistic about the outlook

Tencent Music surged over 7% in the afternoon, now trading at HKD 54 with a total market value of HKD 185.3 billion. On the news front, Tencent Music will announce its second-quarter results after the Hong Kong stock market today. According to industry surveys, Tencent Music's subscription revenue for the second quarter and up to mid-July has increased by 30%. Considering the high willingness of users to pay and the retention rate, Goldman Sachs expects a net increase of about 3.7 million paid users for the quarter. Meanwhile, Morgan Stanley expects its second-quarter performance to be slightly above market expectations