Two topics dominate the new disclosures: The People’s Republic of China government’s heightened regulations and new U.S. legislation.
These risks were previously known and helped TME’s share price drop precipitously in the past year. Still, TME’s detailed explanations underscore the seriousness of the threats.
Running afoul of the PCAOB could have serious consequences. TME states its “ADSs may [be] delisted and our ADSs and shares prohibited from trading in the over-the-counter market under the Holding Foreign Companies Accountable Act” if the PCAOB is unable to inspect or fully investigate auditors located in China., “would decrease the number of non-inspection years from three to two,” potentially quickening a delisting, according to the annual report.
As a penalty, and to encourage competition, SAMR forced TME to relinquish its exclusive licensing deals with record labels. Tencent was also fined 500,000 RMB .
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