US Stock Market Movement | Tencent Music continues to fall by 1% pre-market, hitting a new over-2-year low intraday yesterday; CMB International lowers its target price to $17.5

Glonghui, May 14th — A certain exchange continued to fall by 1.47% in U.S. pre-market trading today, closing at $8.808. Yesterday, this stock hit an intraday low of $8.745, marking a more than two-year low since March 2024.According to the latest research report from CMB International, the first quarter 2026 results of the exchange met expectations, with total revenue rising by 7% year-on-year to 7.9 billion yuan, and non-IFRS net profit growing by 7% year-on-year to 2.27 billion yuan. The music-related business maintained resilient growth, as SVIP program expansion drove membership revenue up by 7% year-on-year, while social entertainment and other revenue declined by 11% year-on-year.Looking ahead to the second quarter, the bank expects total revenue to rise by 3% year-on-year to 8.73 billion yuan, with growth slowing mainly due to intense competition resulting in the loss of casual users. The exchange’s acquisition of Himalaya has been approved by regulators and the deal is expected to close in the second half of the year, which will further enrich the company’s audio offerings and enhance user experience.Considering competitive pressures, the bank has lowered its target price for the exchange’s U.S. shares from $20 to $17.5, while maintaining a “Buy” rating.