#China’s Tencent reveals 5 percent stake in Warner Music

China’s Tencent Music Entertainment Group on Friday reported a 5.2 percent passive stake in Warner Music Group Corp., about a week after the world’s third-largest recording label’s debut on the Nasdaq.

Tencent Music is controlled by Chinese tech giant Tencent Holdings Ltd.

The listing by Warner, home to artists including Cardi B, Ed Sheeran and Bruno Mars, was the biggest in the US so far in 2020.

The company in March had delayed its initial public offering, as the COVID-19 pandemic rocked capital markets and slammed the brakes on many listings.