Is it true?

Tencent Entertainment said that on July 15, China Music Corporation (China Music Corporation, referred to as "CMC") and Tencent Group (referred to as Tencent, Hong Kong Stock Exchange (Stock code: 00700) The two companies announced that they have reached a consensus to merge the digital music business. The two parties will work together to deepen China's music industry, bring better and diversified digital music services to users, and drive the healthy development of the industry with ecological prosperity and support for content genuineness.

In this transaction, Tencent merged its QQ music business with CMC, became the major shareholder of the new music group through asset swap equity, and will fully support its business development and lay the foundation for listing. . CMC co-CEOs Xie Zhenyu and Xie Guomin will serve as co-presidents of New Music Group, and Tencent Vice President Peng Jiaxin will serve as CEO of New Music Group.

After the merger, products and brands such as QQ Music, Kugou, and Kuwo will maintain independent development. The services originally enjoyed by users will remain unchanged and they will have access to more diversified choices. New Music Group will explore more innovative products and business models, promote the legalization process of China's digital music field with ecological prosperity, boost the vitality of music creation, and promote the development of the industry.