Tencent Music Entertainment Group's Comment on Supply Chain
The Group operates significant portions of its business through contractual arrangements with Variable Interest Entities (VIEs) due to PRC laws restricting foreign investment in certain sectors. These arrangements include equity interest pledge agreements, exclusive option agreements, exclusive technical service agreements, business cooperation agreements, loan agreements, debt assignment and offset agreements, voting trust agreements or powers of attorney, and spouse consents. The Group consolidates the operating results of the VIEs for accounting purposes. Shareholders or partners involved include Shenzhen Tencent Ruijian Investment Co., Ltd., Qianhai Daizheng, Shenzhen Litong Industry Investment Fund Co., Ltd., Linzhi Lichuang Information Technology Co., Ltd., Beijing Gongse, Beijing Shangqin, Beijing Yuzhong, and Beijing Zhizheng. These entities operate music and live streaming platforms such as Kugou Music, Kugou Live, Kuwo Music, Kuwo Live, QQ Music, and WeSing. Suppliers identified in filings include Beijing Gongse, Beijing Shangqin, Beijing Yuzhong, Beijing Zhizheng, Linzhi Lichuang Information Technology Co., Ltd., Qianhai Daizheng, Shenzhen Litong Industry Investment Fund Co., Ltd., and Shenzhen Tencent Ruijian Investment Co., Ltd.
Tencent Music Entertainment Group's Comment on Supply Chain
The Group operates significant portions of its business through contractual arrangements with Variable Interest Entities (VIEs) due to PRC laws restricting foreign investment in certain sectors. These arrangements include equity interest pledge agreements, exclusive option agreements, exclusive technical service agreements, business cooperation agreements, loan agreements, debt assignment and offset agreements, voting trust agreements or powers of attorney, and spouse consents. The Group consolidates the operating results of the VIEs for accounting purposes. Shareholders or partners involved include Shenzhen Tencent Ruijian Investment Co., Ltd., Qianhai Daizheng, Shenzhen Litong Industry Investment Fund Co., Ltd., Linzhi Lichuang Information Technology Co., Ltd., Beijing Gongse, Beijing Shangqin, Beijing Yuzhong, and Beijing Zhizheng. These entities operate music and live streaming platforms such as Kugou Music, Kugou Live, Kuwo Music, Kuwo Live, QQ Music, and WeSing. Suppliers identified in filings include Beijing Gongse, Beijing Shangqin, Beijing Yuzhong, Beijing Zhizheng, Linzhi Lichuang Information Technology Co., Ltd., Qianhai Daizheng, Shenzhen Litong Industry Investment Fund Co., Ltd., and Shenzhen Tencent Ruijian Investment Co., Ltd.
Sources:
Tencent Music Entertainment Group's official press releases and regulatory filings; CSIMarket.com's supply-chain research; and the financial filings and press releases of other companies cited in this report.
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