Core Viewpoint - Tencent Music Entertainment Group (NYSE:TME) experienced significant selling pressure, with its stock price dropping by 8.39% to close at $19.01 due to a lowered price target from an investment firm [1]. Financial Performance - In the third quarter, Tencent Music reported a net income attributable to shareholders of 2.4 billion yuan, a 32% increase from 1.814 billion yuan in the same period last year [3]. - Revenues for the same quarter rose by 20.6% to 8.463 billion yuan, up from 7.015 billion yuan year-on-year, driven primarily by a 27% growth in revenues from online music services [3]. Analyst Ratings - Macquarie reduced its price target for Tencent Music to $28.30 from $29.80, while maintaining an "outperform" rating, indicating a potential upside of 49% from the latest closing price [2]. Company Strategy - The company highlighted its solid results, attributing them to the strong performance of its online music business, innovations in content, and expansion of services, which have contributed to consistent subscription revenue growth [4]. - Tencent Music's Executive Chairman emphasized the company's strong financial position and operational excellence, indicating plans to broaden music services and create greater value for the music industry [5].