5 Cheap Chinese Penny Stocks to Buy According to Hedge Funds

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1. Tencent Music Entertainment Group (NYSE:TME)

Number of Hedge Fund Holders: 23

Music streaming services platform company Tencent Music Entertainment Group (NYSE:TME) – ADR in August posted second quarter results. Tencent Music Entertainment Group (NYSE:TME)’s revenue in the quarter jumped 5.5% year-over-year (Y/Y) to RMB7.29 billion ($1.01 billion), driven by online music services.

As of the end of the second quarter of 2023, 23 hedge funds tracked by Insider Monkey had stakes in Tencent Music Entertainment Group (NYSE:TME). The biggest hedge fund stakeholder of Tencent Music Entertainment Group (NYSE:TME) was John Overdeck and David Siegel’s Two Sigma Advisors which owns a $39 million stake in the company.

Polen Global Emerging Markets Growth made the following comment about Tencent Music Entertainment Group (NYSE:TME) in its Q4 2022 investor letter:

Tencent Music Entertainment Group (NYSE:TME), China’s equivalent to Spotify, almost doubled over the quarter after reporting third-quarter earnings with revenues and margins coming in better than expected. The company trades on very attractive valuations, and some of the mispricings we have discussed for a while have started to be realized by the broader market.”

You can also take a peek at 15 Most Innovative Companies in Canada and 15 Best Casino Stocks To Buy Heading Into 2024.

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