Tencent Music Entertainment Shares Plunge on Guidance Miss, AI Fears

By Megan Cheah Shares of Tencent Music Entertainment Group plunged in Hong Kong after its annual guidance missed consensus estimates amid artificial intelligence-related headwinds. The stock slid as much as 24% to 43.60 Hong Kong dollars, equivalent to US$5.56, its lowest intraday level since February last year. The shares have since pared losses to trade around 22% lower Wednesday. Its American depositary receipts fell 25% overnight to US$11.37. The music-streaming arm of Chinese tech giant Tencent on Tuesday posted fourth-quarter revenue of 8.64 billion yuan, equivalent to US$1.25 billion, up 16% from a year earlier. Its adjusted net profit for…