Tencent Music (TCMEF) CEO Liang Zhu discloses ADS and option stakes

Rhea-AI Filing Summary

Tencent Music Entertainment Group director and Chief Executive Officer Liang Zhu filed an initial ownership report showing direct holdings of 274,199 American Depositary Shares (ADSs). He also holds fully vested stock options over 131,120, 1,544,324 and 294,423 ADSs, granted in 2021, 2022 and 2025 after performance criteria were met. Each ADS represents two Class A ordinary shares, and each option is exercisable for one ADS with exercise prices of $15.21, $3.86 and $11.05, expiring between 2031 and 2035.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider LIANG ZHU

Role Chief Executive Officer

Type	Security	Shares	Price	Value
holding	Stock Option (Right to Buy)	--	--	--
holding	Stock Option (Right to Buy)	--	--	--
holding	Stock Option (Right to Buy)	--	--	--
holding	American Depositary Shares	--	--	--

Holdings After Transaction: Stock Option (Right to Buy) — 131,120 shares (Direct); American Depositary Shares — 274,199 shares (Direct)

Footnotes (1)

1. Each American Depositary Share ("ADS") represents two (2) Class A Ordinary Shares, with a par value of US$0.000083 per share, of Tencent Music Entertainment Group (the "Issuer"). Each Stock Option is exercisable for one ADS, which represents two Class A Ordinary Shares. The Stock Option was granted in May 2021 subject to satisfaction of certain performance criteria. The performance criteria with respect to options to purchase 131,120 ADSs were met, and such options are fully vested. The Stock Option was granted in March 2022 subject to satisfaction of certain performance criteria. The performance criteria with respect to options to purchase 1,544,324 ADSs were met, and such options are fully vested. The Stock Option was granted in January 2025 subject to satisfaction of certain performance criteria. The performance criteria with respect to options to purchase 294,423 ADSs were met, and such options are fully vested.

Understanding Insider Trading Forms →

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
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hours per response:			0.5

1. Name and Address of Reporting Person^*

LIANG ZHU

(Last) (First) (Middle)

U 3, BLDG D, KEXING SCI PK KEJIZHONGSAN

AVE, HI-TECH PK NANSHAN DIST

(Street)

SHENZHEN 518057

(City) (State) (Zip)

UNITED STATES

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
Tencent Music Entertainment Group [ TME ]

3a. Foreign Trading Symbol
[1698.HK]

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
American Depositary Shares(1)	274,199	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)(2)	(3)	05/15/2031	American Depositary Shares	131,120	$15.21	D
Stock Option (Right to Buy)(2)	(4)	03/15/2032	American Depositary Shares	1,544,324	$3.86	D
Stock Option (Right to Buy)(2)	(5)	01/23/2035	American Depositary Shares	294,423	$11.05	D

Explanation of Responses:

1. Each American Depositary Share ("ADS") represents two (2) Class A Ordinary Shares, with a par value of US$0.000083 per share, of Tencent Music Entertainment Group (the "Issuer").

2. Each Stock Option is exercisable for one ADS, which represents two Class A Ordinary Shares.

3. The Stock Option was granted in May 2021 subject to satisfaction of certain performance criteria. The performance criteria with respect to options to purchase 131,120 ADSs were met, and such options are fully vested.

4. The Stock Option was granted in March 2022 subject to satisfaction of certain performance criteria. The performance criteria with respect to options to purchase 1,544,324 ADSs were met, and such options are fully vested.

5. The Stock Option was granted in January 2025 subject to satisfaction of certain performance criteria. The performance criteria with respect to options to purchase 294,423 ADSs were met, and such options are fully vested.

	/s/ Zhu Liang	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

FAQ

What does Tencent Music (TCMEF) CEO Liang Zhu report in this Form 3?

Liang Zhu reports his initial beneficial ownership in Tencent Music. He holds 274,199 American Depositary Shares directly, plus several fully vested stock option grants over additional ADSs tied to past performance-based awards, with exercise prices and expirations disclosed for each grant.

How many Tencent Music (TCMEF) ADSs does Liang Zhu hold directly?

Liang Zhu directly holds 274,199 American Depositary Shares of Tencent Music. These ADSs represent his current share position separate from his stock options, which, if exercised, would provide additional exposure through underlying ADSs referenced in the filing’s derivative holdings section.

What stock options over Tencent Music (TCMEF) ADSs does Liang Zhu have?

Liang Zhu holds stock options over 131,120, 1,544,324 and 294,423 American Depositary Shares. These options were granted in 2021, 2022 and 2025, became fully vested after meeting performance criteria, and carry exercise prices of $15.21, $3.86 and $11.05 respectively.

When do Liang Zhu’s Tencent Music (TCMEF) stock options expire?

His Tencent Music stock options have staggered expiration dates. The grants linked to 131,120 ADSs expire on May 15, 2031, those over 1,544,324 ADSs expire on March 15, 2032, and the 294,423-ADS grant expires on January 23, 2035, if not exercised earlier.

How are Tencent Music (TCMEF) ADSs and Class A ordinary shares related?

Each Tencent Music American Depositary Share represents two Class A ordinary shares. The stock options disclosed in Liang Zhu’s filing are exercisable for ADSs, meaning each option, when exercised, delivers one ADS, which in turn equates to two underlying Class A ordinary shares.

Were performance conditions involved in Liang Zhu’s Tencent Music (TCMEF) options?

Yes. Each stock option grant was subject to performance criteria. The filing notes the criteria for options over 131,120, 1,544,324 and 294,423 ADSs were satisfied. As a result, all these Tencent Music options are now fully vested and available for potential future exercise.