Goldman Sachs China Stocks: 10 Stocks to Buy

2. Tencent Music Entertainment Group (NYSE:TME)

Number of Hedge Fund Holders: 23

Goldman Sachs Equity Stake: 138.09 Million

Tencent Music Entertainment Group (NYSE:TME) is one of Goldman Sachs’ top Chinese stock picks. On June 17, Macquarie analyst Ellie Jiang raised his stock price target to $26.20 from $17.10, reiterating an ‘Outperform’ rating.

The analyst’s bullish stance comes amid the expectation that Tencent Music Entertainment has what it takes to build a unique presence from content creation to entertainment consumption. The analyst also expects recent mergers and acquisitions to be value accretive to help drive music revenue momentum.

Tencent Music Entertainment Group (NYSE:TME) operates online music and audio entertainment platforms focused on providing users with diverse and engaging music experiences. It offers music streaming, online karaoke, live streaming, and long-form audio services through popular apps like QQ Music, Kugou Music, Kuwo Music, and WeSing.