The investigation concerns whether Tencent and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

On July 12, 2021, Reuters reported that China's State Administration of Market Regulation ("SAMR"), the country's antitrust regulator, was "set to order the music streaming arm of Tencent Holdings Ltd. to give up exclusive rights to music labels which it has used to compete with smaller rivals", citing "people with knowledge of the matter." The article further reported that the SAMR "will also fine [Tencent] 500,000 yuan ($77,150) for lapses in reporting the acquisitions of apps Kuwo and Kugou." 

On this news, Tencent's American Depositary Receipt ("ADR") price fell $0.54 per ADR, or 4.19%, to close at $12.34 per ADR on July 12, 2021.

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