Group 1 - Tencent Music Entertainment Group announced a merger agreement with Ximalaya, involving a total consideration of approximately $2.84 billion, which includes $1.26 billion in cash and equity [1] - Ximalaya, founded in 2012, is the largest online audio platform in China, with an average monthly active user base of approximately 303 million by the end of 2023 [1][2] - Ximalaya holds a 60.5% market share in mobile listening time and a 25% market share in online audio revenue as of 2023 [1][2] Group 2 - Ximalaya's revenue sources include subscriptions and advertising, with subscription revenue consistently accounting for over 50% of total revenue from 2021 to 2023 [2] - Ximalaya attempted to go public multiple times but ultimately chose to be acquired by Tencent Music [2] - Ximalaya's revenue figures from 2021 to 2023 were 5.857 billion, 6.061 billion, and 6.163 billion yuan, respectively, with adjusted net profits showing a turnaround from a loss of 721 million yuan in 2021 to a profit of 224 million yuan in 2023 [2] Group 3 - Tencent Music reported a total revenue of 7.36 billion yuan in Q1 of the current year, reflecting an 8.7% year-over-year growth, with an adjusted net profit of 2.23 billion yuan, up 22.8% year-over-year [3]