Tencent Music (NYSE: TME) shares were trading around 2% lower after-hours following the company’s reported Q4 results, with EPS of $0.08 coming in better than the consensus estimate of $0.07. Revenue grew 8.7% year-over-year to $1.19 billion, compared to the consensus estimate of $1.23 billion.

Online music service revenues increased 4.3% year-over-year. Revenues from music subscriptions grew 23.5% year-over-year to $306 million. Revenues from social entertainment services and others decreased 15.2% year-over-year to $742 million.

The company’s online music paying users increased 36.1% year-over-year to 76.2 million. Paying ratio was 12.4%, up from 9.0% in the same quarter last year.

Tencent Music also announced it will pursue a secondary listing on the Main Board of the Hong Kong Stock Exchange through a listing by way of introduction. This is the equivalent to a direct listing without any offering of new shares.

By Davit Kirakosyan