Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2020 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2020 |
Entity Registrant Name | Tencent Music Entertainment Group |
Entity Central Index Key | 0001744676 |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED INCOME S
CONDENSED CONSOLIDATED INCOME STATEMENTS - CNY (¥) ¥ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Line Items] | ||
Total revenues | ¥ 13,243 | ¥ 11,634 |
Cost of revenues | (9,096) | (7,660) |
Gross profit | 4,147 | 3,974 |
Selling and marketing expenses | (1,060) | (853) |
General and administrative expenses | (1,405) | (1,236) |
Total operating expenses | (2,465) | (2,089) |
Interest income | 327 | 288 |
Other gains, net | 145 | 59 |
Operating profit | 2,154 | 2,232 |
Share of net losses of investments accounted for using equity method | (19) | (8) |
Finance cost | (37) | (39) |
Profit before income tax | 2,098 | 2,185 |
Income tax expense | (269) | (271) |
Profit for the period | 1,829 | 1,914 |
Attributable to: | ||
Equity holders of the Company | 1,826 | 1,914 |
Non-controlling interests | 3 | 0 |
Profit for the period | ¥ 1,829 | ¥ 1,914 |
Class A And Class B Ordinary Shares | ||
Earnings per share for Class A and Class B ordinary shares | ||
Basic | ¥ 0.55 | ¥ 0.59 |
Diluted | 0.55 | 0.57 |
American Depositary Shares | ||
Earnings per share for Class A and Class B ordinary shares | ||
Basic | 1.10 | 1.18 |
Diluted | ¥ 1.09 | ¥ 1.15 |
Online Music Services | ||
Income Statement [Line Items] | ||
Total revenues | ¥ 4,265 | ¥ 3,167 |
Social Entertainment Services And Others | ||
Income Statement [Line Items] | ||
Total revenues | ¥ 8,978 | ¥ 8,467 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - CNY (¥) ¥ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of comprehensive income [abstract] | ||
Profit for the period | ¥ 1,829 | ¥ 1,914 |
Other comprehensive income, net of tax: | ||
Fair value changes on financial assets at fair value through other comprehensive income | 3,428 | 944 |
Currency translation differences | 216 | 38 |
Share of other comprehensive loss of associates | 1 | (2) |
Total comprehensive income for the period | 5,474 | 2,894 |
Attributable to: | ||
Equity holders of the Company | 5,471 | 2,894 |
Non-controlling interests | 3 | 0 |
Total comprehensive income for the period | ¥ 5,474 | ¥ 2,894 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - CNY (¥) ¥ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Non-current assets | ||
Property, plant and equipment | ¥ 178 | ¥ 179 |
Right-of-use assets | 131 | 148 |
Intangible assets | 1,953 | 1,622 |
Goodwill | 17,140 | 17,140 |
Investments accounted for using equity method | 2,255 | 489 |
Financial assets at fair value through other comprehensive income | 8,652 | 4,461 |
Other investments | 217 | 217 |
Prepayments, deposits and other assets | 998 | 816 |
Deferred tax assets | 214 | 192 |
Term deposits | 1,010 | 500 |
Total non-current assets | 32,748 | 25,764 |
Current assets | ||
Inventories | 30 | 26 |
Accounts receivable | 1,989 | 2,198 |
Prepayments, deposits and other assets | 2,235 | 2,220 |
Other investments | 37 | 38 |
Short-term investments | 12 | 6 |
Term deposits | 9,532 | 7,000 |
Cash and cash equivalents | 11,776 | 15,426 |
Total current assets | 25,611 | 26,914 |
Total assets | 58,359 | 52,678 |
Equity attributable to equity holders of the Company | ||
Share capital | 2 | 2 |
Additional paid-in capital | 34,745 | 34,425 |
Shares held for share award schemes | (62) | (31) |
Treasury Shares | (134) | |
Other reserves | 5,831 | 2,187 |
Retained earnings | 8,833 | 7,007 |
Equity attributable to equity holders of the Company | 49,215 | 43,590 |
Non-controlling interests | 101 | 88 |
Total equity | 49,316 | 43,678 |
Non-current liabilities | ||
Accounts payable | 136 | |
Other payables and other liabilities | 102 | 68 |
Deferred tax liabilities | 236 | 297 |
Lease liabilities | 62 | 78 |
Deferred revenue | 78 | 67 |
Total non-current liabilities | 614 | 510 |
Current liabilities | ||
Accounts payable | 3,063 | 2,559 |
Other payables and other liabilities | 3,310 | 3,782 |
Current tax liabilities | 399 | 386 |
Lease liabilities | 74 | 69 |
Deferred revenue | 1,583 | 1,694 |
Total current liabilities | 8,429 | 8,490 |
Total liabilities | 9,043 | 9,000 |
Total equity and liabilities | ¥ 58,359 | ¥ 52,678 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CNY (¥) ¥ in Millions | Total | Share Capital | Additional Paid-In Capital | Shares Held for Share Award Schemes | Treasury shares | Other Reserves | (Accumulated Deficits)/ Retained Earnings | Total Attributable to Equity Holders of the Company | Non-Controlling Interests |
Beginning balance at Dec. 31, 2018 | ¥ 37,772 | ¥ 2 | ¥ 33,776 | ¥ 903 | ¥ 3,040 | ¥ 37,721 | ¥ 51 | ||
Transactions with equity holders | |||||||||
Profit for the period | 1,914 | 1,914 | 1,914 | 0 | |||||
Fair value changes on financial assets at fair value through other comprehensive income | 944 | 944 | 944 | ||||||
Share of comprehensive losses of an associate | (2) | (2) | (2) | ||||||
Currency translation differences | 38 | 38 | 38 | ||||||
Total comprehensive income for the period | 2,894 | 980 | 1,914 | 2,894 | |||||
Issuance of ordinary shares | 12 | 12 | 12 | ||||||
Exercise of share options/ Restricted share units ("RSUs") | 97 | 378 | (281) | 97 | |||||
Non-controlling interests arising from business combination | 48 | 48 | |||||||
Share-based compensation—value of employee services | 253 | 253 | 253 | ||||||
Shares held for share award schemes | (19) | ¥ (19) | (19) | ||||||
Capital contribution from non-controlling interests | 2 | 2 | |||||||
Additional equity interests in non-wholly owned subsidiaries | (35) | (33) | (33) | (2) | |||||
Total transactions with equity holders at their capacity as equity holders for the period | 358 | 390 | (19) | (61) | 310 | 48 | |||
Ending balance at Jun. 30, 2019 | 41,024 | 2 | 34,166 | (19) | 1,822 | 4,954 | 40,925 | 99 | |
Beginning balance at Dec. 31, 2018 | 37,772 | 2 | 33,776 | 903 | 3,040 | 37,721 | 51 | ||
Ending balance at Dec. 31, 2019 | 43,678 | 2 | 34,425 | (31) | 2,187 | 7,007 | 43,590 | 88 | |
Transactions with equity holders | |||||||||
Profit for the period | 1,829 | 1,826 | 1,826 | 3 | |||||
Fair value changes on financial assets at fair value through other comprehensive income | 3,428 | 3,428 | 3,428 | ||||||
Share of comprehensive losses of an associate | 1 | 1 | 1 | ||||||
Currency translation differences | 216 | 216 | 216 | ||||||
Total comprehensive income for the period | 5,474 | 3,645 | 1,826 | 5,471 | 3 | ||||
Exercise of share options/ Restricted share units ("RSUs") | 45 | 320 | (275) | 45 | |||||
Share-based compensation—value of employee services | 276 | 276 | 276 | ||||||
Shares held for share award schemes | (31) | (31) | (31) | ||||||
Repurchase Of Shares | (134) | ¥ (134) | (134) | ||||||
Disposal of a subsidiary | 10 | 10 | |||||||
Additional equity interests in non-wholly owned subsidiaries | (2) | (2) | (2) | ||||||
Total transactions with equity holders at their capacity as equity holders for the period | 164 | 320 | (31) | (134) | (1) | 154 | 10 | ||
Ending balance at Jun. 30, 2020 | ¥ 49,316 | ¥ 2 | ¥ 34,745 | ¥ (62) | ¥ (134) | ¥ 5,831 | ¥ 8,833 | ¥ 49,215 | ¥ 101 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - CNY (¥) ¥ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities | ||
Cash generated from operations | ¥ 2,544 | ¥ 2,836 |
Interest received | 331 | 271 |
Income taxes paid | (370) | (292) |
Net cash inflow from operating activities | 2,505 | 2,815 |
Cash flows from investing activities | ||
Payments for business combinations, net of cash acquired | (240) | (45) |
Purchase of property, plant and equipment | (65) | (25) |
Purchase of intangible assets | (235) | (51) |
Net proceeds from/(purchase of) short term investments | (6) | 42 |
Placement of term deposits with initial terms of over three months | (15,044) | (3,950) |
Receipt from maturity of term deposits with initial terms of over three months | 12,002 | 3,400 |
Payments for acquisition investments accounted for using equity method | (1,785) | (248) |
Payments for acquisition of financial assets at fair value through other comprehensive income | (708) | 0 |
Payments for acquisition of financial assets at fair value through profit or loss | (77) | 0 |
Payments for loans to third parties | (15) | (5) |
Repayments of loans by third parties | 5 | 0 |
Dividend received | 0 | 32 |
Net cash outflow from investing activities | (6,168) | (850) |
Cash flows from financing activities | ||
Loans from third parties | 10 | 0 |
Proceeds from issues of ordinary shares | 0 | 12 |
Proceeds from exercise of share options | 42 | 27 |
Payments for acquisition of non-controlling interests in non-wholly owned subsidiaries | (6) | (19) |
Shares withheld for share award schemes | (18) | 0 |
Payments for repurchase of ordinary shares | (134) | 0 |
Proceeds from issuance of additional equity of non-wholly owned subsidiaries | 0 | 3 |
Payment for interest in relation to non-current liabilities | (9) | 0 |
Payments of principal elements and related interest of lease | (41) | (18) |
Net cash inflow/(outflow) from financing activities | (156) | 5 |
Net increase/(decrease) in cash and cash equivalents | (3,819) | 1,970 |
Cash and cash equivalents at beginning of the period | 15,426 | 17,356 |
Exchange differences on cash and cash equivalents | 169 | 24 |
Cash and cash equivalents at end of the period | ¥ 11,776 | ¥ 19,350 |
General information
General information | 6 Months Ended |
Jun. 30, 2020 | |
General information [Abstract] | |
General information | 1 General information 1.1 General information Tencent Music Entertainment Group (the “Company” or “TME”), formerly known as China Music Corporation (“CMC”), was incorporated under the laws of the Cayman Islands on June 6, 2012 as an exempted company with limited liability under the Companies Law (2010 Revision) of the Cayman Islands. The address of its registered office is Cricket Square, P.O. Box 2582, Grand Cayman KY1-1112, The Company, its subsidiaries, its controlled structured entities (“Structured Entities”, “Variable Interest Entities” or “VIEs”) and their subsidiaries (“Subsidiaries of VIEs”) are collectively referred to as the “Group”. The Group is principally engaged in operating online music entertainment platforms to provide music streaming, online karaoke and live streaming services in the People’s Republic of China (“PRC”). The Company does not conduct any substantive operations of its own but conducts its primary business operations through its wholly-owned subsidiaries, VIEs and subsidiaries of VIEs in the PRC. The condensed consolidated interim financial information comprises the consolidated balance sheet as of June 30, 2020, the related condensed consolidated income statement, the condensed consolidated statement of comprehensive income, the condensed consolidated statement of changes in equity and the condensed consolidated statement of cash flows for the six months then ended, and a summary of significant accounting policies and other explanatory notes (the “Interim Financial Information”). The Interim Financial Information is presented in Renminbi (“RMB”), unless otherwise stated. The Interim Financial Information has not been audited. 1.2 Significant events and transactions (a) Coronavirus pandemic (“Pandemic”) The outbreak of the Pandemic during the six months ended June 30, 2020 has caused temporary decrease in the levels of activities of the users and performers of the Group’s online platforms and negatively affected the operation of the Group to certain extent. In preparing this Interim Financial Information, the Group has taken into the account the increased risks caused by the Pandemic and considered that there was no significant adverse impact on the Group’s results and financial position. The Group will keep continuous attention to the situation of the Pandemic and react proactively to its impacts on the operation and financial position of the Group. (b) Investment in Universal Music Group (“UMG”) In March 2020, the Group completed the investment of 9.94% equity interest in a consortium, Concerto Partners LLC (”Concerto”), which was led by Tencent to acquire a 10% equity stake in Universal Music Group (“UMG”), for an investment consideration of EUR200 million (equivalent to approximately RMB1,531 million). This investment is accounted for as an investment in an associate (Note 13). Pursuant to the terms of the transaction documents, the Group was also granted with an option to acquire a minority equity stake in UMG’s Greater China business at terms and conditions subject to separate negotiation. |
Basis of preparation and presen
Basis of preparation and presentation | 6 Months Ended |
Jun. 30, 2020 | |
Basis Of Preparation Of Financial Statements [Abstract] | |
Basis of preparation and presentation | 2 Basis of preparation and presentation The Interim Financial Information has been prepared in accordance with International Accounting Standard (“IAS”) 34 ‘Interim Financial Reporting’ issued by the International Accounting Standards Board and should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2019 (“2019 Financial Statements”), which have been prepared in accordance with International Financial Reporting Standards as issued by International Accounting Standards Board (“IFRS as issued by IASB”). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Summary of significant accounting policies | 3 Significant accounting policies Except as described below, the accounting policies and method of computation used in the preparation of the Interim Financial Information are consistent with those used in the 2019 Financial Statements, which have been prepared in accordance with IFRS as issued by IASB under the historical cost convention, as modified by the revaluation of financial assets at fair value through profit or loss and financial assets at fair value through other comprehensive income, which are carried at fair values. Taxes on income for the interim period are accrued using the tax rates that would be applicable to expected total annual assessable profit. (a) New and amendments to standards adopted by the Group The following standards and amendments have been adopted by the Group for the first time for the financial year beginning on January 1, 2020: Amendments to IAS 1 and IAS 8 Definition of material Amendments to IFRS 3 Definition of a business Conceptual Framework Revised Conceptual Framework for Financial Reporting The adoption of these new and amended standards does not have material impact on the condensed consolidated interim financial information of the Group. (b) Recent accounting pronouncements The following new standards and interpretations have not come into effect for the financial year beginning January 1, 2020 and have not been early adopted by the Group in preparing the condensed consolidated financial statements. None of these is expected to have a significant effect on the consolidated financial statements of the Group. Effective for annual periods beginning on or after Amendments to IAS 28 and IFRS 10 Sale or contribution of assets between an investor and its associate or joint venture To be determined IFRS 16 (amendments) COVID-19 1 June 2020 IAS 16 (amendments) Property, plant and equipment: Proceeds before intended use 1 January 2022 IAS 37 (amendments) Onerous contract - cost of fulfilling a contract 1 January 2022 IAS 1 (amendments) Classification of liabilities as current and non-current 1 January 2022 IFRS 17 Insurance contracts 1 January 2023 |
Consolidation of VIEs
Consolidation of VIEs | 6 Months Ended |
Jun. 30, 2020 | |
Basis Of Consolidation Of VIEs [Abstract] | |
Consolidation of VIEs | 4 Consolidation of VIEs PRC laws and regulations prohibit or restrict foreign ownership of companies that provide Internet-based business, which include activities and services provided by the Group. The Group operates its business operations in the PRC through a series of contractual arrangements (“Structure Contracts”) entered into among the Company, its wholly-owned subsidiaries of the Company (“WOFEs”), domestic entities (“Operating Entities”) that legally owned by individuals (“Nominee Shareholders”) authorized by the Group (collectively, “Contractual Arrangements”). Under the Contractual Arrangements, the Company has the power to control the management, and financial and operating policies of the Operating Entities, has exposure or rights to variable returns from its involvement with the Operating Entities, and has the ability to use its power over the Operating Entities to affect the amount of the returns. As a result, all these Operating Entities are regarded as VIEs that accounted for as consolidated structured entities of the Company and their financial statements have been consolidated by the Company. There were no material changes in any Contractual Arrangements during the six months ended June 30, 2020 from the preceding financial year. |
Estimates
Estimates | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of changes in accounting estimates [abstract] | |
Estimates | 5 Estimates The preparation of the Interim Financial Information requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing the Interim Financial Information, the nature of significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were consistent with those described in the 2019 Financial Statements. |
Financial Risk Management
Financial Risk Management | 6 Months Ended |
Jun. 30, 2020 | |
Financial Risk Management [Abstract] | |
Financial Risk Management | 6 Financial risk management (a) Financial risk factors The Group’s activities expose it to a variety of financial risks: market risk (including foreign exchange risk, price risk and interest rate risk), credit risk and liquidity risk. The Interim Financial Information does not include all financial risk management information and disclosures required in the annual financial statements, and should be read in conjunction with the 2019 Financial Statements. There were no changes in any material risk management policies during the six months ended June 30, 2020. (b) Capital risk management The Group’s objectives on managing capital are to safeguard the Group’s ability to continue as a going concern and support the sustainable growth of the Group in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to enhance shareholders’ value in the long term. Capital refers to equity and external debts (including borrowings and notes payable). In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. As of December 31, 2019 and June 30, 2020, the directors of the Company considers the risk of the Group’s capital structure is remote as the Group has a net cash position without any material external interest-bearing debts. (c) Fair value estimation The table below analyses the Group’s financial instruments carried at fair value as of June 30, 2020 by level of the inputs to valuation techniques used to measure fair value. Such inputs are categorized into three levels within a fair value hierarchy as follows: • Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1); • Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2); and • Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3). As of December 31, 2019 and June 30, 2020, the Group’s financial instruments carried at fair values comprised financial assets at fair value through other comprehensive income (Note 14(a)), short-term investments and other investments (Note 14(b)) stated in the consolidated balance sheets were measured at level 1, level 2 and level 3 fair value hierarchy. The Group’s contingent consideration of RMB112 million and RMB56 million included in other payables and other liabilities (Note 20) as of December 31, 2019 and June 30, 2020, respectively were measured at level 3 fair value hierarchy. The fair value of financial instruments traded in active markets is determined with reference to quoted market prices at the end of the reporting period. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. These instruments are included in level 1. The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required for evaluating the fair value of a financial instrument are observable, the instrument is included in level 2. If one or more of the significant inputs are not based on observable market data, the instrument is included in level 3. The Group has a team of personnel who performs valuation on these level 3 instruments for financial reporting purposes. The team adopts various valuation techniques to determine the fair value of the Group’s level 3 instruments. External valuation experts may also be involved and consulted when it is necessary. The components of the level 3 instruments mainly include investments in non-public companies classified as other investment, short-term investments and contingent consideration payables. As these instruments are not traded in an active market, their fair values have been determined using various applicable valuation techniques, including discounted cash flows approach and comparable transactions approach, etc. Major assumptions used in the valuation include historical financial results, assumptions about future growth rates, estimates of weighted average cost of capital (WACC), recent market transactions, discount for lack of marketability and other exposure etc. The fair value of these instruments determined by the Group requires significant judgement, including: (i) investments in unlisted companies and projects and short-term investments: financial performance of the investee companies, market value of comparable companies, projected cash flows as well as discount rate, etc.; and (ii) contingent consideration payables: estimated performance matrix based on historical performance and discount rate. During the six months ended June 30, 2019 and 2020, there was no transfer between level 1 and 2 for recurring fair value measurements. Movement of the financial assets at fair value that using level 3 measurements, solely represented other investments, have been presented in Note 14(b). Movement of the financial liabilities at fair value using level 3 measurements, which solely represented contingent consideration resulted from business combination is analyzed as below: Six months ended June 30, 2019 2020 RMB’million RMB’million At beginning of the period 63 112 Fair value change 6 4 Paid — (60 ) At end of the period 69 56 |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2020 | |
Revenue [Abstract] | |
Revenue | 7 Revenues During the six months ended June 30, 2019 and 2020, subscription packages contributed RMB1,508 million and RMB 2,521 million to the revenues from online music services, respectively. |
Other gains, net
Other gains, net | 6 Months Ended |
Jun. 30, 2020 | |
Other Gains Losses [Abstract] | |
Other gains, net | 8 Other gains, net Six months ended June 30, 2019 2020 RMB’million RMB’million Government grants and tax rebates (note) 45 94 Impairment provision for investments in an associate (Note 13) — (4 ) Gain on disposal of a subsidiary — 32 Others 14 23 59 145 Note: There are no unfulfilled conditions or contingencies related to these subsidies. |
Expense by nature
Expense by nature | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Expense By Nature [Abstract] | |
Expense by nature | 9 Expense by nature Six months ended June 30, 2019 2020 RMB’million RMB’million Service costs (note i) 6,878 8,116 Advertising agency fees 91 162 Employee benefits expenses 1,212 1,3 66 Promotion and advertising expenses 753 948 Notes: (i) Service costs mainly comprised licensing costs, revenue sharing fees paid to content creators and content delivery costs relating primarily to servers, cloud services and bandwidth costs. (ii) During the six months ended June 30, 2019 and 2020, the Group incurred research and development expenses of approximately RMB486 million and RMB685 million, respectively, which comprised employee benefits expenses of RMB443 million and RMB611 million, respectively. No significant development expenses had been capitalized for the six months ended June 30, 2019 and 2020. |
Taxation
Taxation | 6 Months Ended |
Jun. 30, 2020 | |
Major components of tax expense (income) [abstract] | |
Taxation | 10 Taxation Income tax expense is recognized based on management’s best knowledge of the income tax rates expected for the financial year. (i) Cayman Islands Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gains. Additionally, upon payment of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed. (ii) Hong Kong Under the current tax laws of Hong Kong, Tencent Music Entertainment Hong Kong Limited (“TME HK”) is subject to Hong Kong profits tax at 16.5% on its taxable income generated from the operation in Hong Kong. Dividends from TME HK is exempted from withholding tax. (iii) PRC Under the Corporate Income Tax (“CIT”) Law, foreign invested enterprises and domestic enterprises are subject to a unified CIT rate of 25%. except for available preferential tax treatment, including tax concession for enterprise approved as “High and New Technology Enterprise” (“HNTE”) and “Software Enterprise” (“SE”), and enterprise established in certain special economic development zones. In accordance with the implementation rules of the CIT Law, a qualified HNTE is eligible for a preferential tax rate of 15% and a SE is entitled to an exemption from income taxation for the first two years, commencing from the year the enterprise makes profit, and a reduction of half tax rate for the next three years. Guangzhou Kugou Computer Technology Co., Ltd. (“Guangzhou Kugou”) and Beijing Kuwo Technology Co., Ltd. (“Beijing Kuwo”) have been recognized as HNTE by relevant government authorities and were entitled to preferential tax rate of 15% for the six months ended June 30 2019 and 2020. Yeelion Online Network Technology (Beijing) Co., Ltd. (‘‘Yeelion Online”) and Tencent Music Entertainment Technology (Shenzhen) Co., Ltd (‘‘TME Tech Shenzhen”) were qualified as SE and have entitled to tax holiday starting from the year ended December 31, 2017 (i.e. their first profitable year in 2017). Yeelion Online and TME Tech Shenzhen were entitled to a reduced tax rate of 12.5% for the six months ended June 30, 2019 and 2020. Meanwhile a subsidiary of the Group, Guangzhou Fanxing Entertainment Information Technology Co., Ltd. (“Fanxing”) was in the process of renewing the entitlements as a HNTE by applying to the relevant government authorities as of June 30, 2020. The management of the Company expect that they will continued to be approved as HNTE. As such, corporate income tax rate of 15% was adopted by Fanxing in accruing for its corporate income tax liabilities for the six months ended June 30, 2020. In addition, for the six months end June 30, 2020, certain subsidiaries of the Group were established in a special economic development zone and entitled to a tax concession of exemption from CIT for five years, commencing from the first profitable year. Furthermore, the Group also has certain subsidiaries subject to other preferential tax treatment for certain reduced tax rates of 5% to 10%. The income tax expense of the Group for the six months ended June 30, 2019 and 2020 are analysed as follows: Six months ended June 30, 2019 2020 RMB’million RMB’million Current income tax 331 292 Deferred income tax (60 ) (23 ) Total income tax expense 271 269 |
Earning per share
Earning per share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings per share [abstract] | |
Earning per share | 11 Earnings per share (a) Basic earnings per share Basic earnings per share (“EPS”) is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the period. (b) Diluted earnings per share For the calculation of diluted earnings per share, weighted average number of ordinary shares outstanding is adjusted by the effect of dilutive securities, including share-based awards in respect of share options and restricted share units (“RSU”) as well as puttable shares, under the treasury stock method (collectively forming the denominator for computing the diluted earnings per share). Potentially dilutive securities, including share options, RSU and puttable shares, have been excluded from the computation of weighted average number of ordinary shares for the purpose of diluted earnings per share if their inclusion is anti-dilutive. No adjustments is made to earnings (numerator). For the six months ended June 30, 2019 and 2020, certain share options, RSU and puttable shares that were anti-dilutive and excluded from the calculation of diluted earnings per share were immaterial on a weighted average basis. The following table sets forth the computation of basic and diluted net income per share: Six months ended June 30, 2019 2020 RMB’million RMB’million Earnings Net income attributable to the equity holders of the Company 1,914 1,826 Number of shares Shares Weighted average ordinary shares outstanding, used in computing basic earnings per share 3,250,730,997 3,308,207,122 Dilution effect- Adjustments for share options and RSU 85,421,112 41,793,863 Shares used in computing diluted earnings per share 3,336,152,109 3,350,000,985 RMB RMB Basic earnings per share for Class A and Class B ordinary shares 0.59 0.55 Diluted earnings per share for Class A and Class B ordinary shares 0.57 0.55 Basic earnings per ADS 1.18 1.10 Diluted earnings per ADS 1.15 1.09 Note: One ADS represented two Class A ordinary shares of the Company. |
Property, Plant and Equipment,
Property, Plant and Equipment, Right-of-Use Assets, Intangible Assets and Goodwill | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of Property Plant and Equipment Right of Use Assets Intangible Assets and Goodwill [Abstract] | |
Property, Plant and Equipment, Right-of-Use Assets, Intangible Assets and Goodwill | 12 Property, plant and equipment, right-of-use Property, plant Right-of-use Intangible Goodwill RMB’million RMB’million RMB’million RMB’million Net book amounts at January 1, 2019 168 100 1,763 17,088 Additions 28 59 20 — Business combination 1 — 56 52 Depreciation and amortization (43 ) (20 ) (170 ) — Net book amounts at June 30, 2019 154 139 1,669 17,140 Net book amounts at January 1, 2020 179 148 1,622 17,140 Additions (note) 49 24 605 — Disposals — (3 ) — — Depreciation and amortization ( ) (38 ) (274 ) — Net book amounts at June 30, 2020 178 131 1,953 17,140 Note: During the six months |
Investments accounted for using
Investments accounted for using equity method | 6 Months Ended |
Jun. 30, 2020 | |
Investments Accounted For Using Equity Method | |
Investments accounted for using equity method | 13 Investments accounted for using equity method As of December 31, June 30, RMB’million RMB’million Investments in associates 422 2,190 Investments in joint ventures 67 65 489 2,255 Six months ended June 30, 2019 2020 RMB’million RMB’million Share of net losses of investments accounted for using equity method: Associates (1 ) (16 ) Joint ventures (7 ) (3 ) (8 ) (19 ) Movement of investments in associates and joint ventures is analyzed as follows: Six months ended June 30, 2019 2020 RMB’million RMB’million At beginning of the period 236 489 Additions (note) 206 1,785 Share of losses (8 ) (19 ) Share of other comprehensive (loss)/income (2 ) 1 Disposal (1 ) — Impairment provision — (4 ) Currency translation differences — 3 Dividend received (20 ) — At end of the period 411 2,255 Note: As detailed in Note 1.2(b), the Group completed the investment of 9.94% equity interest in a consortium, Concerto, for an investment consideration of EUR200 million (equivalent to approximately RMB1,531 million). According to the shareholders agreement of Concerto, the Group is able to participate in certain key decision making process of Concerto and therefore, this investment is accounted for as an investment in an associate. |
Financial Assets at Fair Value
Financial Assets at Fair Value | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of financial assets [abstract] | |
Financial Assets at Fair Value | 14 Financial assets at fair value (a) Financial assets at fair value through other comprehensive income As of December 31, 2019 and June 30, 2020, the Group’s financial assets at fair value through other comprehensive income mainly represented its equity investment in Spotify Technology S.A. (“Spotify”). Spotify has been listed on the New York Stock Exchange since April 2018. During the six months ended June, 2020, the Group made a new investment in Warner Music Group Corp. (“WMG”), with an amount of approximately USD100 million (equivalent to approximately RMB708 million) to subscribe for approximately 0.78% of its equity interests. Movement of financial assets at fair value through other comprehensive income is analyzed as follows: Six months ended June 30, 2019 2020 RMB’million RMB’million Listed equity investments At beginning of the period 3,331 4,461 Addition — 708 Fair value change 944 3,428 Currency translation differences 24 55 At end of the period 4,299 8,652 (b) Other investments Other investments represent financial assets at fair value through profit or loss. Movement of other investments is analyzed as follows: Six months ended June 30, 2019 2020 RMB’million RMB’million At beginning of the period 256 255 Disposal (2 ) (1 ) At end of the period 254 254 Of which are: Current 37 37 Non-current 217 217 254 254 |
Prepayments deposits and other
Prepayments deposits and other receivables | 6 Months Ended |
Jun. 30, 2020 | |
Prepayments Deposits And Other Receivables [Abstract] | |
Prepayments deposits and other receivables | 15 Prepayments, deposits and other receivables As of December 31, June 30, RMB’million RMB’million Included in non-current Prepaid content royalties 816 998 816 998 Included in current assets Prepaid content royalties 1,600 1,520 Value-added tax recoverable 153 151 Prepaid vendors deposits and other receivables 199 229 Prepaid promotion and other expenses 133 202 Receivable from Tencent (Note 23) 50 30 Others 85 103 2,220 2,235 3,036 3,233 |
Cash and cash equivalents
Cash and cash equivalents | 6 Months Ended |
Jun. 30, 2020 | |
Cash and cash equivalents [abstract] | |
Cash and cash equivalents | 16 Cash and cash equivalents As of December 31, June 30, RMB’million RMB’million Cash at bank 8,892 7,215 Term deposits with initial terms within three months 6,534 4,561 15,426 11,776 |
Share capital
Share capital | 6 Months Ended |
Jun. 30, 2020 | |
Equity [abstract] | |
Share capital | 17 Share capital Number of Share capital Additional paid-in RMB’million Shares held for share award schemes RMB’million Treasury RMB’million Balance January 1, 2019 3,265,986,486 2 33,776 — — Issuance of ordinary shares (note i) 280,512 — 12 — — Employee share award schemes -Value of employee service — — 378 — — -Shares held for share award schemes (note ii) — — — (19 ) — -Shares allotted for share award schemes (note iii) 88,798,940 — — — — Balance June 30, 2019 3,355,065,938 2 34,166 (19 ) — Balance January 1, 2020 3,355,065,938 2 34,425 (31 ) — Employee share award schemes -Value of employee service — — 320 — — - Shares held for share award schemes (note ii) — — — (31 ) — Repurchase of shares (note iv) — — — — (134 ) Balance June 30, 2020 3,355,065,938 2 34,745 (62 ) (134 ) Notes: (i) On February 20, 2019, the Company completed a private placement, where the Company sold to Tencent 280,512 Class A ordinary shares with an aggregate value of US$1.8 million at the offering price per share in our initial public offering for distribution to its eligible shareholders as required by the relevant listing rules of the Hong Kong Stock Exchange. (ii) During the six months ended 30 June 2020, the Share Scheme Trust withheld 752,264 (2019:382,418) Class A ordinary shares of the Company for an amount of approximately RMB31 million (2019: RMB19 million) which had been deducted from the equity. (iii) As of December 31, 2019 and June 30, 2020, 31,310,524 and 16,995,518 Class A ordinary shares are held in the Share Scheme Trust for the purpose of granting awarded shares to the participants under the Share Award Schemes, respectively. (iv) Repurchase of shares In December 2019, the Company approved a share repurchase program under which the Company may repurchase up to USD400 million of its Class A ordinary shares in the form of ADSs during a twelve-month period commencing on December 15, 2019. During the six months ended June 30, 2020, the Company had repurchased 1,936,742 ADSs from the open market, at an aggregate consideration of approximately US$19 million in cash. The Company accounted for the repurchased ordinary shares as treasury stock under the cost method, and recorded it as a component of the shareholders’ equity. |
Other Reserves
Other Reserves | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of reserves within equity [abstract] | |
Other Reserves | 18 Other reserves Share based Contribution PRC Foreign Fair value Others Total other RMB’million RMB’million RMB’million RMB’million RMB’million RMB’million RMB’million At January 1, 2019 1,416 463 79 451 (675 ) (831 ) 903 Currency translation differences — — — 38 — — 38 Fair value changes on financial assets at fair value through other comprehensive income — — — — 944 — 944 Share of other comprehensive losses of an associate — — — — — (2 ) (2 ) Share based compensation 253 — — — — — 253 Exercise of share options/RSU (281 ) — — — — — (281 ) Additional equity interest in non- wholly owned subsidiaries — — — — — (33 ) (33 ) At June 30, 2019 1,388 463 79 489 269 (866 ) 1,822 At January 1, 2020 1,470 463 94 712 356 (908 ) 2,187 Currency translation differences — — — 216 — — 216 Fair value changes on financial assets at fair value through other comprehensive income — — — — 3,428 — 3,428 Share of other comprehensive income of associates — — — — — 1 1 Share based compensation 276 — — — — — 276 Exercise of share options/RSU (275 ) — — — — — (275 ) Additional investments in non-wholly owned subsidiaries — — — — — (2 ) (2 ) At June 30, 2020 1,471 463 94 928 3,784 (909 ) 5,831 |
Share Based Compensation
Share Based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Share Based Compensation | 19 Share based compensation (a) Share-based compensation plans of the Company The Group has adopted three share-based compensation plans, namely, the 2014 Share Incentive Plan, the 2017 Restricted Share Scheme and the 2017 Option Plan. (i) 2014 Share Incentive Plan 2014 Share Incentive Plan was approved by the then board of directors of the Company in October 2014. According to the 2014 Share Incentive Plan, 96,704,847 ordinary shares have been reserved to be issued to any qualified employees, directors, non-employee Some granted options follow the first category vesting schedule, one-fourth one-eighth one-fourth one-sixteenth Number of Weighted- Weighted- (US$) (US$) Outstanding as of January 1, 2019 56,736,209 0.19 1.94 Exercised (28,035,644 ) 0.20 1.93 Forfeited (242,949 ) 0.25 1.92 Outstanding as of June 30, 2019 28,457,616 0.20 1.95 Vested and expected to vest as of June 30, 2019 28,058,643 0.20 1.95 Exercisable as of June 30, 2019 24,568,124 0.19 1.95 Non vested as of June 30, 2019 3,889,492 0.25 1.92 Outstanding as of January 1, 2020 13,897,304 0.23 1.92 Exercised (4,976,190 ) 0.23 1.91 Forfeited (46,982 ) 0.27 1.91 Outstanding as of June 30, 2020 8,874,132 0.23 1.92 Vested and expected to vest as of June 30, 2020 8,864,335 0.23 1.92 Exercisable as of June 30, 2020 8,792,494 0.23 1.92 Unvested as of June 30, 2020 81,638 0.00 2.09 No new grants during the six months ended June 30, 2019 and 2020. Share options outstanding at the end of the period have the following expiry date and exercise prices: Grant Date Expiry date Exercise Share options Share options March 1, 2015 February 28, 2025 US$0.000076 1,036,027 298,801 March 1, 2015 February 28, 2025 US$0.27 620,510 394,470 March 1, 2015 February 28, 2025 US$0.000076 6,057,428 811,200 March 1, 2015 February 28, 2025 US$0.27 3,896,953 862,810 March 30, 2015 March 29, 2025 US$0.27 3,252,058 1,138,842 July 1, 2015 June 30, 2025 US$0.27 75,100 — October 1, 2015 September 30, 2025 US$0.27 741,758 127,100 December 31, 2015 December 30, 2025 US$0.27 2,441,844 844,908 December 31, 2015 December 30, 2025 US$0.000076 224,750 38,000 March 1, 2016 February 28, 2026 US$0.27 401,583 162,215 March 31, 2016 March 30, 2026 US$0.27 205,364 137,032 June 30, 2016 June 29, 2026 US$0.000076 326,538 81,638 June 30, 2016 June 29, 2026 US$0.27 9,177,703 3,977,116 Total 28,457,616 8,874,132 Weighted average remaining contractual life of options outstanding at end of period: 6.22 5.36 The weighted average price of the shares at the time these options were exercised was USD7.75 (equivalent to approximately RMB54.75) and USD5.98 per share (equivalent to approximately RMB42.25), during six months ended June 30, 2019 and 2020. (ii) 2017 Restricted Share Scheme and 2017 Option Plan Followed the completion of the Reverse Acquisition, the Company has reserved certain ordinary shares to be issued to any qualified employees of Tencent Music Business transferred to the Group. Pursuant to the RSUs agreements under 2017 Restricted Share Scheme, subject to grantee’s continued services to the Group through the applicable vesting date, some RSUs follow the first category of vesting schedule, one-fourth (1/4) of which shall vest eighteen months after grant date, and one-fourth (1/4) every year after. Some granted RSUs shall follow the second vesting schedule, half (1/2) shall vest six months after grant date, and the other half shall vest six months thereafter. Other granted RSUs shall follow the third vesting schedule, which were divided into range of half, one to third and one to fourth tranches on an equal basis as at their grant dates, and the tranches will become exercisable in each subsequent year. Movements in the number of RSUs for the period ended June 30, 2019 and 2020 are as follows: Number of Outstanding as of January 1, 2019 13,724,100 Granted 18,513,224 Vested (4,462,014 ) Forfeited (305,226 ) Outstanding as of June 30, 2019 27,470,084 Expected to vest as of June 30, 2019 24,723,076 Outstanding as of January 1, 2020 26,659,516 Granted 22,027,146 Vested (6,341,234 ) Forfeited (1,059,450 ) Outstanding as of June 30, 2020 41,285,978 Expected to vest as of June 30, 2020 37,167,270 The fair value of the RSUs was calculated based on the fair value of ordinary shares of the Company. The weighted average fair value of RSUs granted during six months ended June 30, 2019 and 2020 was US$ 7.10 per share (equivalent to approximately RMB50.16 per share) and US$6.19 per share (equivalent to approximately RMB43.71 per share). Share options granted are generally subject to four batches vesting schedule as determined by the board of directors of the grant. One-fourth Number of Weighted- Weighted- date fair (US$) (US$) Outstanding as of January 1, 2019 36,086,303 2.75 2.24 Granted 1,993,780 7.05 3.00 Exercised (4,891,152 ) 1.81 1.99 Forfeited (102,265 ) 0.27 3.11 Outstanding as of June 30, 2019 33,086,666 3.15 2.32 Vested and expected to vest as of June 30, 2019 30,566,163 3.11 2.31 Exercisable as of June 30, 2019 7,881,636 1.69 1.85 Non vested as of June 30, 2019 25,205,030 3.61 2.46 Outstanding as of January 1, 2020 26,640,508 3.43 2.39 Granted 4,333,800 6.20 5.33 Exercised (2,997,582 ) 1.75 2.26 Forfeited (164,352 ) 5.91 3.32 Outstanding as of June 30, 2020 27,812,374 4.02 2.44 Vested and expected to vest as of June 30, 2020 26,580,133 3.96 2.44 Exercisable as of June 30, 2020 7,965,034 2.53 1.94 Un 19,847,340 4.62 2.64 The fair value of share options were valued using the Binomial option-pricing model. Assumptions used in the Binomial option-pricing model are presented below: Six months ended 2019 2020 Risk free interest rate 2.08 % 0.71 % Expected dividend yield 0 % 0 % Expected volatility 40 % 40 % Exercise multiples 2.2-2.8 2.2-2.8 Contractual life 10 years 10 years Share options outstanding as of June 30, 2019 and 2020 have the following expiry date and exercise prices: Grant Date Expiry date Exercise Share Share June 16, 2017 June 15, 2027 US$ 2.32 10,855,560 6,945,594 August 31, 2017 August 31, 2027 US$ 0.27 6,167,716 3,322,756 December 20, 2017 December 20, 2027 US$ 2.32 7,078,110 5,008,018 April 16, 2018 April 16, 2028 US$ 4.04 975,000 650,000 October 17, 2018 October 16, 2028 US$ 7.14 6,016,500 5,581,500 June 14, 2019 June 13, 2029 US$ 7.05 1,993,780 1,970,706 June 12, 2020 June 11, 2030 US$ 6.20 — 4,333,800 Total 33,086,666 27,812,374 Weighted average remaining contractual life of options outstanding at end of period: 8.25 7.97 The weighted average price of the shares at the time these options were exercised was USD7.15 per share (equivalent to approximately RMB50.52) and USD5.96 per share (equivalent to approximately RMB42.11), during six months ended June 30, 2019 and 2020. (b) Share-based compensation plans of Tencent Tencent operates a number of share-based compensation plans (including share option scheme and share award scheme) covering certain employees of the Group. Share options granted are generally subject to a four-year or five-year vesting schedule as determined by the board of directors of Tencent. Under the four-year vesting schedule, share options in general vest one-fourth one-fourth one-fifth one-fifth RSUs are subject to a three-year or four-year vesting schedule, and each year after the grant date, one-third one-fourth No outstanding share options or RSUs will be exercisable or subject to vesting after the expiry of a maximum of seven years from the date of grant. As of December 31, 2019 and June 30, 2020, the outstanding number of share options of Tencent relevant to the Group is the same as 65,100. No new grants during the six months ended June 30, 2019 and 2020. Share options outstanding at the end of the period have the following expiry date and exercise prices: Grant Date Expiry date Exercise Share options Share options July 6, 2016 July 5, 2023 HK$ 174.86 32,690 32,690 July 10, 2017 July 9, 2024 HK$ 272.36 32,410 32,410 Total 65,100 65,100 As of December 31, 2019 and June 30, 2020, the outstanding number of awarded shares of Tencent relevant to the Group is 54,575 and 2,470, respectively. No new grants during the six months ended June 30, 2019 and 2020. (c) Expected retention rate of grantees The Group has to estimate the expected yearly percentage of grantees that will stay within the Group at the end of vesting periods of the options and awarded shares (the “Expected Retention Rate”) in order to determine the amount of share-based compensation expenses charged to the consolidated income statement. As of December 31, 2019 and June 30, 2020, the Expected Retention Rate of the Group was assessed to be 88%-95%. |
Other payables and other liabil
Other payables and other liabilities | 6 Months Ended |
Jun. 30, 2020 | |
Other payables and other liabilities [Abstract] | |
Other payables and other liabilities | 20 Other payables and other liabilities As of 2019 As of 2020 Included in non-current Government grants 2 2 Deferred income 66 90 Others — 10 68 102 Included in current liabilities Dividend payable 12 12 Accrued expenses (note i) 2,105 1,997 Advances from customers 83 81 Investment payables 611 287 Other tax liabilities 140 122 Present value of liability of puttable shares 539 566 Deferred income 23 37 Other deposits 77 85 Others 80 67 Contingent consideration, measured at fair value (note ii) 112 56 3,782 3,310 Note: (i) Accrued expenses mainly comprised payroll and welfare, advertising and marketing, short-term lease rental and other operating expenses. (i i In October 2018, the Company acquired the entire equity interest of a music contents production company at a cash consideration comprising a fixed amount and a variable amount, settlement in certain tranches. The variable amount is determined based on certain operating performance indicators of the acquiree and up to RMB400 million. As of December 31, 2019 and June 30, 2020, contingent consideration in relation to the arrangement was recognized at fair value as determined by management taking into account the estimation of the performance indicators. |
Deferred revenue
Deferred revenue | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Deferred Revenue [Abstract] | |
Deferred revenue | 21 Deferred revenue As of 2019 As of 2020 Non-current 67 78 Current 1,694 1,583 1,761 1,661 Deferred revenue mainly represents contract liabilities in relation to service fees prepaid by customers for time-based virtual gifts, membership subscriptions, and digital music albums or single songs, for which the related services had not been rendered as of December 31, 2019 and June 30, 2020. |
Commitments
Commitments | 6 Months Ended |
Jun. 30, 2020 | |
Capital commitments [abstract] | |
Commitments | 22 Commitments (a) Operating commitments As of December 31, 2019 and June 30, 2020, future minimum operating commitments of the Group are RMB235 million and RMB466 million, respectively, which are mainly related to rental of bandwidth. (b) Contents royalty As of December 31, 2019 and June 30, 2020, minimum royalty payments of the Group associated with its license agreements are RMB7,217 million and RMB 3,872 million, respectively. (c) Investment commitments As of December 31, 2019 and June 30, 2020, the Group had commitments of approximately RMB198 million and RMB116 million to invest in certain entities to hold the equity interest in such entities. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of transactions between related parties [abstract] | |
Related Party Transactions | 23 Related party transactions The table below sets forth the major related parties and their relationships with the Group as of June 30, 2020: Name of related parties Relationship with the Group Tencent and its subsidiaries other than the entities controlled by the Group (“Tencent Group”) The Company’s principal owner China Literature Limited (“China Literature”) Tencent’s subsidiary (a) Transactions For the six months ended June 30, 2019 and 2020, significant related party transactions were as follows: Six months ended, 2019 2020 Revenue Online music services to Tencent Group (note) 251 129 Online music services to the Company’s associates and associates of Tencent Group 18 68 Social entertainment services and others to Tencent Group, the Company’s associates and associates of Tencent Group 15 72 Expenses Operation expenses recharged by Tencent Group 345 510 Advertising agency cost to Tencent Group 91 134 Content royalties to Tencent Group, the Company’s associates and associates of Tencent Group 64 106 Other costs to the Company’s associates and associates of Tencent Group 16 15 Note: Including revenue from sublicensed contents to Tencent and subscription packages Tencent purchased pursuant to the Business Cooperation Agreement. In March 2020 the Group signed a five-year strategic partnership with China Literature, a subsidiary of Tencent. Through this partnership arrangement, the Group was granted a global license to produce derivative content in the form of audiobooks of online literary works for which China Literature has the rights to or the license to adapt, and the rights to sublicense, as well as the ability to distribute existing audiobooks in China Literature’s portfolio. Aggregate total minimum guarantee profit sharing to China Literature for the five-year period amounted to RMB250 million, any excess portion will be shared based on a pre-determined These related party transactions were conducted at prices and terms as agreed by parties involved. (b) Balances with related parties As of As of Included in accounts receivable from related parties: Tencent Group(note) 1,653 1,430 The Company’s associates and associates of Tencent Group 49 72 Included in prepayments, deposits and other assets from related parties: Tencent Group 50 30 The Company’s associates and associates of Tencent Group 23 90 Included in accounts payable to related parties: Tencent Group 215 619 The Company’s associates and associates of Tencent Group 15 44 Included in other payables and accruals to related parties: Tencent Group 382 116 The Company’s associates and associates of Tencent Group 19 16 Outstanding balances are unsecured and are repayable on demand. Note: The balance is mainly arising from user payments collected through various payment channels of Tencent Group pursuant to the Business Cooperation Agreement entered with Tencent Group. (c) Key management personnel compensation Six months ended, 2019 2020 Short-term employee benefits 32 33 Share-based compensation 109 88 141 121 |
Contingent liabilities
Contingent liabilities | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of contingent liabilities [abstract] | |
Contingent liabilities | 24 Contingent liabilities The Group is involved in a number of claims pending in various courts, in arbitration, or otherwise unresolved as of June 30, 2020. These claims are mainly related to alleged copyright infringement with an aggregate amount of damages sought of approximately RMB29.6 million. Adverse results in these claims may include awards of damages and may also result in, or even compel, a change in the Company’s business practices, which could impact the Company’s future financial results. In addition, in September 2019 and October 2019, respectively, the Company, certain of its current and former directors and officers, and Tencent, based on its status as the Company’s controlling shareholder, were named as defendants in two putative securities class actions filed in the U.S. District Court for the Eastern District of New York. Both actions, purportedly brought on behalf of a class of persons who allegedly suffered damages as a result of their trading in the ADSs, allege that the Company’s public filings contained material misstatements and omissions in violation of the U.S. federal securities laws. These actions remain in their preliminary stages. Additional complaints related to these claims may be filed in the coming months. The Company are currently unable to estimate the potential loss, if any, associated with the resolution of such lawsuits, if they proceed. Nevertheless, with the legal advice, the Company believes these cases are without merit and intend to defend actions vigorously. The Company is unable to estimate the reasonably possible loss or a range of reasonably possible losses for proceedings in the early stages or where there is a lack of clear or consistent interpretation of laws specific to the industry-specific complaints among different jurisdictions. Although the results of unsettled litigations and claims cannot be predicted with certainty, the Company does not believe that, as of June 30, 2020, there was at least a reasonable possibility that the Company may have incurred a material loss, or a material loss in excess of the accrued expenses, with respect to such loss contingencies. Accordingly, the Group has made certain accruals in “Account payable” in the consolidated balance sheet as of June 30, 2020 and recognized related cost expenses for the period ended June 30, 2020. The losses accrued include judgments handed down by the court and out-of-court |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
New and amendments to the accounting standards adopted and recent accounting pronouncements | (a) New and amendments to standards adopted by the Group The following standards and amendments have been adopted by the Group for the first time for the financial year beginning on January 1, 2020: Amendments to IAS 1 and IAS 8 Definition of material Amendments to IFRS 3 Definition of a business Conceptual Framework Revised Conceptual Framework for Financial Reporting The adoption of these new and amended standards does not have material impact on the condensed consolidated interim financial information of the Group. (b) Recent accounting pronouncements The following new standards and interpretations have not come into effect for the financial year beginning January 1, 2020 and have not been early adopted by the Group in preparing the condensed consolidated financial statements. None of these is expected to have a significant effect on the consolidated financial statements of the Group. Effective for annual periods beginning on or after Amendments to IAS 28 and IFRS 10 Sale or contribution of assets between an investor and its associate or joint venture To be determined IFRS 16 (amendments) COVID-19 1 June 2020 IAS 16 (amendments) Property, plant and equipment: Proceeds before intended use 1 January 2022 IAS 37 (amendments) Onerous contract - cost of fulfilling a contract 1 January 2022 IAS 1 (amendments) Classification of liabilities as current and non-current 1 January 2022 IFRS 17 Insurance contracts 1 January 2023 |
Financial Risk Management (Tabl
Financial Risk Management (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Contingent Liabilities In Business Combination [Abstract] | |
Summary of movements in contingent consideration resulted from business combination movements at fair value using level 3 measurements | Movement of the financial liabilities at fair value using level 3 measurements, which solely represented contingent consideration resulted from business combination is analyzed as below: Six months ended June 30, 2019 2020 RMB’million RMB’million At beginning of the period 63 112 Fair value change 6 4 Paid — (60 ) At end of the period 69 56 |
Other gains, net (Tables)
Other gains, net (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Other Gains Losses [Abstract] | |
Summary of Other Gains, net | Six months ended June 30, 2019 2020 RMB’million RMB’million Government grants and tax rebates (note) 45 94 Impairment provision for investments in an associate (Note 13) — (4 ) Gain on disposal of a subsidiary — 32 Others 14 23 59 145 |
Expense by nature (Tables)
Expense by nature (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Expense By Nature [Abstract] | |
Summary of Expense by Nature | Six months ended June 30, 2019 2020 RMB’million RMB’million Service costs (note i) 6,878 8,116 Advertising agency fees 91 162 Employee benefits expenses 1,212 1,3 66 Promotion and advertising expenses 753 948 Notes: (i) Service costs mainly comprised licensing costs, revenue sharing fees paid to content creators and content delivery costs relating primarily to servers, cloud services and bandwidth costs. (ii) During the six months ended June 30, 2019 and 2020, the Group incurred research and development expenses of approximately RMB486 million and RMB685 million, respectively, which comprised employee benefits expenses of RMB443 million and RMB611 million, respectively. No significant development expenses had been capitalized for the six months ended June 30, 2019 and 2020. |
Taxation (Tables)
Taxation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Major components of tax expense (income) [abstract] | |
Summary of Income Tax Expense | The income tax expense of the Group for the six months ended June 30, 2019 and 2020 are analysed as follows: Six months ended June 30, 2019 2020 RMB’million RMB’million Current income tax 331 292 Deferred income tax (60 ) (23 ) Total income tax expense 271 269 |
Earning per share (Tables)
Earning per share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings per share [abstract] | |
Summary of Earning per share | The following table sets forth the computation of basic and diluted net income per share: Six months ended June 30, 2019 2020 RMB’million RMB’million Earnings Net income attributable to the equity holders of the Company 1,914 1,826 Number of shares Shares Weighted average ordinary shares outstanding, used in computing basic earnings per share 3,250,730,997 3,308,207,122 Dilution effect- Adjustments for share options and RSU 85,421,112 41,793,863 Shares used in computing diluted earnings per share 3,336,152,109 3,350,000,985 RMB RMB Basic earnings per share for Class A and Class B ordinary shares 0.59 0.55 Diluted earnings per share for Class A and Class B ordinary shares 0.57 0.55 Basic earnings per ADS 1.18 1.10 Diluted earnings per ADS 1.15 1.09 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Right-of-Use Assets, Intangible Assets and Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of Property Plant and Equipment Right of Use Assets Intangible Assets and Goodwill [Abstract] | |
Summary of Property, Plant and Equipment, Right-of-Use Assets, Intangible Assets and Goodwill | Property, plant Right-of-use Intangible Goodwill RMB’million RMB’million RMB’million RMB’million Net book amounts at January 1, 2019 168 100 1,763 17,088 Additions 28 59 20 — Business combination 1 — 56 52 Depreciation and amortization (43 ) (20 ) (170 ) — Net book amounts at June 30, 2019 154 139 1,669 17,140 Net book amounts at January 1, 2020 179 148 1,622 17,140 Additions (note) 49 24 605 — Disposals — (3 ) — — Depreciation and amortization ( ) (38 ) (274 ) — Net book amounts at June 30, 2020 178 131 1,953 17,140 |
Investments accounted for usi_2
Investments accounted for using equity method (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Investments accounted for using equity method [abstract] | |
Summary of Investments Accounted for Using Equity Method | As of December 31, June 30, RMB’million RMB’million Investments in associates 422 2,190 Investments in joint ventures 67 65 489 2,255 |
Summary of Share of Profits/(Losses) of Investments Accounted for Using Equity Method | Six months ended June 30, 2019 2020 RMB’million RMB’million Share of net losses of investments accounted for using equity method: Associates (1 ) (16 ) Joint ventures (7 ) (3 ) (8 ) (19 ) |
Summary of Movement of Investments in Associates and Joint Ventures | Movement of investments in associates and joint ventures is analyzed as follows: Six months ended June 30, 2019 2020 RMB’million RMB’million At beginning of the period 236 489 Additions (note) 206 1,785 Share of losses (8 ) (19 ) Share of other comprehensive (loss)/income (2 ) 1 Disposal (1 ) — Impairment provision — (4 ) Currency translation differences — 3 Dividend received (20 ) — At end of the period 411 2,255 Note: As detailed in Note 1.2(b), the Group completed the investment of 9.94% equity interest in a consortium, Concerto, for an investment consideration of EUR200 million (equivalent to approximately RMB1,531 million). According to the shareholders agreement of Concerto, the Group is able to participate in certain key decision making process of Concerto and therefore, this investment is accounted for as an investment in an associate. |
Financial Assets at Fair Value
Financial Assets at Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of financial assets [abstract] | |
Summary of Financial Assets at Fair Value Through Other Comprehensive Income | Movement of financial assets at fair value through other comprehensive income is analyzed as follows: Six months ended June 30, 2019 2020 RMB’million RMB’million Listed equity investments At beginning of the period 3,331 4,461 Addition — 708 Fair value change 944 3,428 Currency translation differences 24 55 At end of the period 4,299 8,652 |
Summary of Movement of Other Investment | Other investments represent financial assets at fair value through profit or loss. Movement of other investments is analyzed as follows: Six months ended June 30, 2019 2020 RMB’million RMB’million At beginning of the period 256 255 Disposal (2 ) (1 ) At end of the period 254 254 Of which are: Current 37 37 Non-current 217 217 254 254 |
Prepayments deposits and othe_2
Prepayments deposits and other receivables (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Prepayments Deposits And Other Receivables [Abstract] | |
Schedule of Prepayments, deposits and other receivables | As of December 31, June 30, RMB’million RMB’million Included in non-current Prepaid content royalties 816 998 816 998 Included in current assets Prepaid content royalties 1,600 1,520 Value-added tax recoverable 153 151 Prepaid vendors deposits and other receivables 199 229 Prepaid promotion and other expenses 133 202 Receivable from Tencent (Note 23) 50 30 Others 85 103 2,220 2,235 3,036 3,233 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Cash and cash equivalents [abstract] | |
Schedule of Cash and cash equivalents | As of December 31, June 30, RMB’million RMB’million Cash at bank 8,892 7,215 Term deposits with initial terms within three months 6,534 4,561 15,426 11,776 |
Share capital (Tables)
Share capital (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of classes of share capital [abstract] | |
Schedule of Classes of Share Capital | Number of Share capital Additional paid-in RMB’million Shares held for share award schemes RMB’million Treasury RMB’million Balance January 1, 2019 3,265,986,486 2 33,776 — — Issuance of ordinary shares (note i) 280,512 — 12 — — Employee share award schemes -Value of employee service — — 378 — — -Shares held for share award schemes (note ii) — — — (19 ) — -Shares allotted for share award schemes (note iii) 88,798,940 — — — — Balance June 30, 2019 3,355,065,938 2 34,166 (19 ) — Balance January 1, 2020 3,355,065,938 2 34,425 (31 ) — Employee share award schemes -Value of employee service — — 320 — — - Shares held for share award schemes (note ii) — — — (31 ) — Repurchase of shares (note iv) — — — — (134 ) Balance June 30, 2020 3,355,065,938 2 34,745 (62 ) (134 ) |
Other Reserves (Tables)
Other Reserves (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of reserves within equity [abstract] | |
Schedule of Other Reserve | Share based Contribution PRC Foreign Fair value Others Total other RMB’million RMB’million RMB’million RMB’million RMB’million RMB’million RMB’million At January 1, 2019 1,416 463 79 451 (675 ) (831 ) 903 Currency translation differences — — — 38 — — 38 Fair value changes on financial assets at fair value through other comprehensive income — — — — 944 — 944 Share of other comprehensive losses of an associate — — — — — (2 ) (2 ) Share based compensation 253 — — — — — 253 Exercise of share options/RSU (281 ) — — — — — (281 ) Additional equity interest in non- wholly owned subsidiaries — — — — — (33 ) (33 ) At June 30, 2019 1,388 463 79 489 269 (866 ) 1,822 At January 1, 2020 1,470 463 94 712 356 (908 ) 2,187 Currency translation differences — — — 216 — — 216 Fair value changes on financial assets at fair value through other comprehensive income — — — — 3,428 — 3,428 Share of other comprehensive income of associates — — — — — 1 1 Share based compensation 276 — — — — — 276 Exercise of share options/RSU (275 ) — — — — — (275 ) Additional investments in non-wholly owned subsidiaries — — — — — (2 ) (2 ) At June 30, 2020 1,471 463 94 928 3,784 (909 ) 5,831 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
2014 Share Incentive Plan | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Schedule of Number, Weighted Average Exercise Prices and Weighted Average Grant Date Fair Value of Share Options | The option holders may elect at any time to exercise any part or all of the vested options before the expiry date. Number of Weighted- Weighted- (US$) (US$) Outstanding as of January 1, 2019 56,736,209 0.19 1.94 Exercised (28,035,644 ) 0.20 1.93 Forfeited (242,949 ) 0.25 1.92 Outstanding as of June 30, 2019 28,457,616 0.20 1.95 Vested and expected to vest as of June 30, 2019 28,058,643 0.20 1.95 Exercisable as of June 30, 2019 24,568,124 0.19 1.95 Non vested as of June 30, 2019 3,889,492 0.25 1.92 Outstanding as of January 1, 2020 13,897,304 0.23 1.92 Exercised (4,976,190 ) 0.23 1.91 Forfeited (46,982 ) 0.27 1.91 Outstanding as of June 30, 2020 8,874,132 0.23 1.92 Vested and expected to vest as of June 30, 2020 8,864,335 0.23 1.92 Exercisable as of June 30, 2020 8,792,494 0.23 1.92 Unvested as of June 30, 2020 81,638 0.00 2.09 |
Schedule of Share Options Outstanding | Share options outstanding at the end of the period have the following expiry date and exercise prices: Grant Date Expiry date Exercise Share options Share options March 1, 2015 February 28, 2025 US$0.000076 1,036,027 298,801 March 1, 2015 February 28, 2025 US$0.27 620,510 394,470 March 1, 2015 February 28, 2025 US$0.000076 6,057,428 811,200 March 1, 2015 February 28, 2025 US$0.27 3,896,953 862,810 March 30, 2015 March 29, 2025 US$0.27 3,252,058 1,138,842 July 1, 2015 June 30, 2025 US$0.27 75,100 — October 1, 2015 September 30, 2025 US$0.27 741,758 127,100 December 31, 2015 December 30, 2025 US$0.27 2,441,844 844,908 December 31, 2015 December 30, 2025 US$0.000076 224,750 38,000 March 1, 2016 February 28, 2026 US$0.27 401,583 162,215 March 31, 2016 March 30, 2026 US$0.27 205,364 137,032 June 30, 2016 June 29, 2026 US$0.000076 326,538 81,638 June 30, 2016 June 29, 2026 US$0.27 9,177,703 3,977,116 Total 28,457,616 8,874,132 Weighted average remaining contractual life of options outstanding at end of period: 6.22 5.36 |
2017 Restricted Share Scheme and 2017 Option Plan | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Schedule of Number, Weighted Average Exercise Prices and Weighted Average Grant Date Fair Value of Share Options | Number of Weighted- Weighted- date fair (US$) (US$) Outstanding as of January 1, 2019 36,086,303 2.75 2.24 Granted 1,993,780 7.05 3.00 Exercised (4,891,152 ) 1.81 1.99 Forfeited (102,265 ) 0.27 3.11 Outstanding as of June 30, 2019 33,086,666 3.15 2.32 Vested and expected to vest as of June 30, 2019 30,566,163 3.11 2.31 Exercisable as of June 30, 2019 7,881,636 1.69 1.85 Non vested as of June 30, 2019 25,205,030 3.61 2.46 Outstanding as of January 1, 2020 26,640,508 3.43 2.39 Granted 4,333,800 6.20 5.33 Exercised (2,997,582 ) 1.75 2.26 Forfeited (164,352 ) 5.91 3.32 Outstanding as of June 30, 2020 27,812,374 4.02 2.44 Vested and expected to vest as of June 30, 2020 26,580,133 3.96 2.44 Exercisable as of June 30, 2020 7,965,034 2.53 1.94 Un 19,847,340 4.62 2.64 |
Schedule of Share Options Outstanding | Share options outstanding as of June 30, 2019 and 2020 have the following expiry date and exercise prices: Grant Date Expiry date Exercise Share Share June 16, 2017 June 15, 2027 US$ 2.32 10,855,560 6,945,594 August 31, 2017 August 31, 2027 US$ 0.27 6,167,716 3,322,756 December 20, 2017 December 20, 2027 US$ 2.32 7,078,110 5,008,018 April 16, 2018 April 16, 2028 US$ 4.04 975,000 650,000 October 17, 2018 October 16, 2028 US$ 7.14 6,016,500 5,581,500 June 14, 2019 June 13, 2029 US$ 7.05 1,993,780 1,970,706 June 12, 2020 June 11, 2030 US$ 6.20 — 4,333,800 Total 33,086,666 27,812,374 Weighted average remaining contractual life of options outstanding at end of period: 8.25 7.97 |
Schedule of Movements in Number of RSUs and Awarded Shares | Movements in the number of RSUs for the period ended June 30, 2019 and 2020 are as follows: Number of Outstanding as of January 1, 2019 13,724,100 Granted 18,513,224 Vested (4,462,014 ) Forfeited (305,226 ) Outstanding as of June 30, 2019 27,470,084 Expected to vest as of June 30, 2019 24,723,076 Outstanding as of January 1, 2020 26,659,516 Granted 22,027,146 Vested (6,341,234 ) Forfeited (1,059,450 ) Outstanding as of June 30, 2020 41,285,978 Expected to vest as of June 30, 2020 37,167,270 |
Summary of Assumptions Used to Determine Fair value of Share Options | The fair value of share options were valued using the Binomial option-pricing model. Assumptions used in the Binomial option-pricing model are presented below: Six months ended 2019 2020 Risk free interest rate 2.08 % 0.71 % Expected dividend yield 0 % 0 % Expected volatility 40 % 40 % Exercise multiples 2.2-2.8 2.2-2.8 Contractual life 10 years 10 years |
Share-based Compensation Plans | Tencent Holdings Limited | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Schedule of Share Options Outstanding | Share options outstanding at the end of the period have the following expiry date and exercise prices: Grant Date Expiry date Exercise Share options Share options July 6, 2016 July 5, 2023 HK$ 174.86 32,690 32,690 July 10, 2017 July 9, 2024 HK$ 272.36 32,410 32,410 Total 65,100 65,100 |
Other payables and other liab_2
Other payables and other liabilities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Other payables and other liabilities [Abstract] | |
Schedule of Other payables and other liabilities | As of 2019 As of 2020 Included in non-current Government grants 2 2 Deferred income 66 90 Others — 10 68 102 Included in current liabilities Dividend payable 12 12 Accrued expenses (note i) 2,105 1,997 Advances from customers 83 81 Investment payables 611 287 Other tax liabilities 140 122 Present value of liability of puttable shares 539 566 Deferred income 23 37 Other deposits 77 85 Others 80 67 Contingent consideration, measured at fair value (note ii) 112 56 3,782 3,310 Note: (i) Accrued expenses mainly comprised payroll and welfare, advertising and marketing, short-term lease rental and other operating expenses. (i i In October 2018, the Company acquired the entire equity interest of a music contents production company at a cash consideration comprising a fixed amount and a variable amount, settlement in certain tranches. The variable amount is determined based on certain operating performance indicators of the acquiree and up to RMB400 million. As of December 31, 2019 and June 30, 2020, contingent consideration in relation to the arrangement was recognized at fair value as determined by management taking into account the estimation of the performance indicators. |
Deferred revenue (Tables)
Deferred revenue (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Deferred Revenue [Abstract] | |
Schedule of Contract Liabilities | As of 2019 As of 2020 Non-current 67 78 Current 1,694 1,583 1,761 1,661 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of transactions between related parties [abstract] | |
Summary of the Major Related Parties and their Relationships | The table below sets forth the major related parties and their relationships with the Group as of June 30, 2020: Name of related parties Relationship with the Group Tencent and its subsidiaries other than the entities controlled by the Group (“Tencent Group”) The Company’s principal owner China Literature Limited (“China Literature”) Tencent’s subsidiary |
Disclosure of Transactions Between Related Parties | For the six months ended June 30, 2019 and 2020, significant related party transactions were as follows: Six months ended, 2019 2020 Revenue Online music services to Tencent Group (note) 251 129 Online music services to the Company’s associates and associates of Tencent Group 18 68 Social entertainment services and others to Tencent Group, the Company’s associates and associates of Tencent Group 15 72 Expenses Operation expenses recharged by Tencent Group 345 510 Advertising agency cost to Tencent Group 91 134 Content royalties to Tencent Group, the Company’s associates and associates of Tencent Group 64 106 Other costs to the Company’s associates and associates of Tencent Group 16 15 |
Summary of Balance with Related Parties | Balances with related parties As of As of Included in accounts receivable from related parties: Tencent Group(note) 1,653 1,430 The Company’s associates and associates of Tencent Group 49 72 Included in prepayments, deposits and other assets from related parties: Tencent Group 50 30 The Company’s associates and associates of Tencent Group 23 90 Included in accounts payable to related parties: Tencent Group 215 619 The Company’s associates and associates of Tencent Group 15 44 Included in other payables and accruals to related parties: Tencent Group 382 116 The Company’s associates and associates of Tencent Group 19 16 |
Disclosure of Information About Key Management Personnel | Six months ended, 2019 2020 Short-term employee benefits 32 33 Share-based compensation 109 88 141 121 |
General Information - Additiona
General Information - Additional Information (Details) € in Millions, ¥ in Millions | Mar. 31, 2020CNY (¥) | Mar. 31, 2020EUR (€) |
General Information Organization And Basis Of Preparation Line Items [Line Items] | ||
Investments accounted for using equity method | ¥ 1,531 | € 200 |
Consortium Concerto | ||
General Information Organization And Basis Of Preparation Line Items [Line Items] | ||
Investment on equity interest | 9.94% | 9.94% |
Universal Music Group (UMG) | ||
General Information Organization And Basis Of Preparation Line Items [Line Items] | ||
Investment on equity interest | 10.00% | 10.00% |
Financial Risk Management - Sum
Financial Risk Management - Summary of Movements in Contingent Consideration Resulted from Business Combination Movements at Fair Value Using Level 3 Measurements (Detail) - Level 3 Fair Value Hierarchy - CNY (¥) ¥ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of contingent liabilities in business combination [line items] | ||
At beginning of the period | ¥ 112 | ¥ 63 |
Fair value change | 4 | 6 |
Paid | (60) | |
At end of the period | ¥ 56 | ¥ 69 |
Financial Risk Management - Add
Financial Risk Management - Additional Information (Details) - CNY (¥) ¥ in Millions | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Recurring Fair Value Measurement | ||||
Financial Risk Management [Line Items] | ||||
Transfer between Level 1 and 2, assets | ¥ 0 | ¥ 0 | ||
Level 3 Fair Value Hierarchy | ||||
Financial Risk Management [Line Items] | ||||
Contingent consideration | ¥ 56 | ¥ 69 | ¥ 112 | ¥ 63 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - CNY (¥) ¥ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | ||
Amount of revenue arising from the sale of subscription packages | ¥ 2,521 | ¥ 1,508 |
Other gains, net - Summary of O
Other gains, net - Summary of Other gains, net (Details) - CNY (¥) ¥ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Other Gains Losses [Abstract] | ||
Government grants and tax rebates | ¥ 94 | ¥ 45 |
Impairment provision for investments in associates (Note 15) | (4) | |
Gains on disposals of a subsidiary | 32 | |
Others | 23 | 14 |
Other gains, net | ¥ 145 | ¥ 59 |
Expense by nature - Summary of
Expense by nature - Summary of Expense By Nature (Details) - CNY (¥) ¥ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure Expense By Nature [Abstract] | ||
Service costs (note i) | ¥ 8,116 | ¥ 6,878 |
Advertising agency fees | 162 | 91 |
Employee benefits expenses | 1,366 | 1,212 |
Promotion and advertising expenses | ¥ 948 | ¥ 753 |
Expense by nature - Summary o_2
Expense by nature - Summary of Expense By Nature (Parenthetical) (Details) - CNY (¥) ¥ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure Expense By Nature [Abstract] | ||
Research and development expense | ¥ 685 | ¥ 486 |
Short-term employee benefits expense | ¥ 611 | ¥ 443 |
Taxation - Additional Informati
Taxation - Additional Information (Details) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Line Items] | ||||
Applicable tax rate | 25.00% | 25.00% | 25.00% | |
Preferential Income Tax Rate | 15.00% | |||
Tax concession exemption period from corporate income tax. | 5 years | |||
Guangzhou Kugou Computer Technology Co Ltd | ||||
Income Taxes [Line Items] | ||||
Preferential Income Tax Rate | 15.00% | 15.00% | ||
Beijing Kuwo | ||||
Income Taxes [Line Items] | ||||
Preferential Income Tax Rate | 15.00% | 15.00% | ||
Guangzhou Fanxing Entertainment Information Technology | ||||
Income Taxes [Line Items] | ||||
Applicable tax rate | 15.00% | |||
Yeelion Online Network Technology Beijing Co Ltd | ||||
Income Taxes [Line Items] | ||||
Reduced tax rate | 12.50% | 12.50% | ||
Hong Kong | ||||
Income Taxes [Line Items] | ||||
Applicable tax rate | 16.50% | |||
Bottom of range | ||||
Income Taxes [Line Items] | ||||
Reduced tax rate | 5.00% | |||
Top of range | ||||
Income Taxes [Line Items] | ||||
Reduced tax rate | 10.00% |
Taxation - Summary of Income Ta
Taxation - Summary of Income Tax Expenses (Details) - CNY (¥) ¥ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Major components of tax expense (income) [abstract] | ||
Current income tax | ¥ 292 | ¥ 331 |
Deferred income tax | (23) | (60) |
Total income tax expense | ¥ 269 | ¥ 271 |
Earning per share - Additional
Earning per share - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2020CNY (¥) | |
Earnings per share [abstract] | |
Adjustments to earnings (numerator) | ¥ 0 |
Earning per share - Summary of
Earning per share - Summary of Computation of Basic and Diluted Net Income Per Share (Details) - CNY (¥) ¥ / shares in Units, ¥ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings | ||
Net income attributable to the equity holders of the Company | ¥ 1,826 | ¥ 1,914 |
Shares | ||
Weighted average ordinary shares outstanding, used in computing basic earnings per share | 3,308,207,122 | 3,250,730,997 |
Dilution effect- Adjustments for share options and RSU | 41,793,863 | 85,421,112 |
Shares used in computing diluted earnings per share | 3,350,000,985 | 3,336,152,109 |
Class A And Class B Ordinary Shares | ||
Basic earnings per share calculation | ||
Basic | ¥ 0.55 | ¥ 0.59 |
Diluted earnings per share calculation | ||
Diluted | 0.55 | 0.57 |
American Depositary Shares | ||
Basic earnings per share calculation | ||
Basic | 1.10 | 1.18 |
Diluted earnings per share calculation | ||
Diluted | ¥ 1.09 | ¥ 1.15 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Right-of-Use Assets, Intangible Assets and Goodwill - Summary of Property, Plant and Equipment, Right-of-Use Assets, Intangible Assets and Goodwill (Details) - CNY (¥) ¥ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of Property Plant and Equipment Right of Use Assets Intangible Assets and Goodwill [Line Items] | ||
Depreciation and amortization | ¥ (11) | |
Property, plant and equipment [member] | ||
Disclosure of Property Plant and Equipment Right of Use Assets Intangible Assets and Goodwill [Line Items] | ||
Net book opening balance | 179 | ¥ 168 |
Additions | 49 | 28 |
Business combination | 1 | |
Depreciation and amortization | (50) | (43) |
Net book opening balance | 178 | 154 |
Right-of-use assets [member] | ||
Disclosure of Property Plant and Equipment Right of Use Assets Intangible Assets and Goodwill [Line Items] | ||
Net book opening balance | 148 | 100 |
Additions | 24 | 59 |
Disposals | (3) | |
Depreciation and amortization | (38) | (20) |
Net book opening balance | 131 | 139 |
Intangible assets other than goodwill [member] | ||
Disclosure of Property Plant and Equipment Right of Use Assets Intangible Assets and Goodwill [Line Items] | ||
Net book opening balance | 1,622 | 1,763 |
Additions | 605 | 20 |
Business combination | 56 | |
Depreciation and amortization | (274) | (170) |
Net book opening balance | 1,953 | 1,669 |
Goodwill [member] | ||
Disclosure of Property Plant and Equipment Right of Use Assets Intangible Assets and Goodwill [Line Items] | ||
Net book opening balance | 17,140 | 17,088 |
Business combination | 52 | |
Net book opening balance | ¥ 17,140 | ¥ 17,140 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Right-of-Use Assets, Intangible Assets and Goodwill - Additional Information (Details) ¥ in Millions | Jun. 30, 2020CNY (¥) |
Disclosure of Property Plant and Equipment Right of Use Assets Intangible Assets and Goodwill [Abstract] | |
Acquisition of copyrights | ¥ 600 |
Investments Accounted for Usi_3
Investments Accounted for Using Equity Method - Summary of Investments Accounted for Using Equity Method (Detail) - CNY (¥) ¥ in Millions | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Investments accounted for using equity method [abstract] | ||||
Investments in associates | ¥ 2,190 | ¥ 422 | ||
Investments in joint ventures | 65 | 67 | ||
Investments accounted for using equity method | ¥ 2,255 | ¥ 489 | ¥ 411 | ¥ 236 |
Investments Accounted for Usi_4
Investments Accounted for Using Equity Method - Summary of Share of Profits/(Losses) of Investments Accounted for Using Equity Method (Detail) - CNY (¥) ¥ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Investments accounted for using equity method [abstract] | ||
Associates | ¥ (16) | ¥ (1) |
Joint ventures | (3) | (7) |
Share of net losses of investments accounted for using equity method | ¥ (19) | ¥ (8) |
Investments Accounted for Usi_5
Investments Accounted for Using Equity Method - Summary of Movement of Investments in Associates and Joint Ventures (Detail) - CNY (¥) ¥ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Investments accounted for using equity method [abstract] | ||
At beginning of the period | ¥ 489 | ¥ 236 |
Additions (note) | 1,785 | 206 |
Share of losses | (19) | (8) |
Share of other comprehensive (loss)/income | 1 | (2) |
Disposal | (1) | |
Impairment provision | (4) | |
Currency translation differences | 3 | |
Dividend received | (20) | |
At end of the period | ¥ 2,255 | ¥ 411 |
Investments accounted for usi_6
Investments accounted for using equity method - Additional Information (Details) € in Millions, ¥ in Millions | Mar. 31, 2020CNY (¥) | Mar. 31, 2020EUR (€) |
Investment Accounted For Using Equity Method [Line Items] | ||
Investments accounted for using equity method | ¥ 1,531 | € 200 |
Consortium concerto | ||
Investment Accounted For Using Equity Method [Line Items] | ||
Investment on equity interest | 9.94% | 9.94% |
Financial assests at fair value
Financial assests at fair value -Additional Information (Details) ¥ in Millions, $ in Millions | Jun. 30, 2020CNY (¥) | Jun. 30, 2020USD ($) | Dec. 31, 2019CNY (¥) | Jun. 30, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Disclosure of financial assets [line items] | |||||
Investment | ¥ 2,255 | ¥ 489 | ¥ 411 | ¥ 236 | |
Warner music group corp | |||||
Disclosure of financial assets [line items] | |||||
Investment | ¥ 708 | $ 100 | |||
Equity interest subscribed | 0.78% | 0.78% |
Financial Assets at Fair Valu_2
Financial Assets at Fair Value - Summary of Financial Assets at Fair Value Through Other Comprehensive Income (Details) - CNY (¥) ¥ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure Of Fair Value Of Investments In Equity Instruments Designated As Measured At Fair Value Through Other Comprehensive Income [Line Items] | ||
At beginning of the period | ¥ 4,461 | |
Currency translation differences | 216 | ¥ 38 |
At end of the period | 8,652 | |
Equity Investments | ||
Disclosure Of Fair Value Of Investments In Equity Instruments Designated As Measured At Fair Value Through Other Comprehensive Income [Line Items] | ||
At beginning of the period | 4,461 | 3,331 |
Additions | 708 | |
Fair value change | 3,428 | 944 |
Currency translation differences | 55 | 24 |
At end of the period | ¥ 8,652 | ¥ 4,299 |
Financial Assets at Fair Valu_3
Financial Assets at Fair Value - Summary of Movement of Other Investment (Details) - Equity Investments - CNY (¥) ¥ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure Of Financial Assets Designated As Measured At Fair Value Through Profit Or Loss [Line Items] | ||
At beginning of the Period | ¥ 255 | ¥ 256 |
Disposal | (1) | (2) |
At end of the period | 254 | 254 |
Current | 37 | 37 |
Non-current | ¥ 217 | ¥ 217 |
Prepayments, deposits and other
Prepayments, deposits and other receivables - Summary of Prepayments, deposits and other receivables (Detail) - CNY (¥) ¥ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Included in non-current assets | ||
Prepaid contents royalties | ¥ 998 | ¥ 816 |
Prepayments, deposits and other assets | 998 | 816 |
Included in current assets | ||
Prepaid contents royalties | 1,520 | 1,600 |
Value-added tax recoverable | 151 | 153 |
Prepaid vendors deposits and other receivables | 229 | 199 |
Prepaid promotion and other expenses | 202 | 133 |
Receivable from Tencent (Note 23) | 30 | 50 |
Others | 103 | 85 |
Prepayments, deposits and other assets | 2,235 | 2,220 |
Prepayments, deposits and other receivables | ¥ 3,233 | ¥ 3,036 |
Cash and Cash Equivalents - Sch
Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Details) - CNY (¥) ¥ in Millions | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Cash and cash equivalents [abstract] | ||||
Cash at bank | ¥ 7,215 | ¥ 8,892 | ||
Term deposits with initial terms within three months | 4,561 | 6,534 | ||
Cash and cash equivalents | ¥ 11,776 | ¥ 15,426 | ¥ 19,350 | ¥ 17,356 |
Share Capital - Schedule of Cla
Share Capital - Schedule of Classes of Share Capital (Details) - CNY (¥) ¥ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Disclosure Of Classes Of Share Capital [Line Items] | |||
Beginning balance | ¥ 43,678 | ¥ 37,772 | ¥ 37,772 |
Issuance of ordinary shares | 12 | ||
Shares held for share award schemes | (31) | (19) | |
Repurchase Of Shares | (134) | ||
Ending balance | ¥ 49,316 | ¥ 41,024 | ¥ 43,678 |
Share Capital | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Balance, shares | 3,355,065,938 | 3,265,986,486 | 3,265,986,486 |
Issuance of ordinary shares | 280,512 | ||
Number of shares allotted for share award schemes | 88,798,940 | ||
Balance, shares | 3,355,065,938 | 3,355,065,938 | 3,355,065,938 |
Beginning balance | ¥ 2 | ¥ 2 | ¥ 2 |
Ending balance | 2 | 2 | 2 |
Additional Paid-In Capital | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Beginning balance | 34,425 | 33,776 | 33,776 |
Issuance of ordinary shares | 12 | ||
Value of employee service | 320 | 378 | |
Ending balance | 34,745 | 34,166 | 34,425 |
Shares Held for Share Award Schemes | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Beginning balance | (31) | ||
Shares held for share award schemes | (31) | (19) | |
Ending balance | (62) | ¥ (19) | ¥ (31) |
Treasury shares | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Repurchase Of Shares | (134) | ||
Ending balance | ¥ (134) |
Share Capital - Additional Info
Share Capital - Additional Information (Detail) ¥ in Millions | Feb. 20, 2019USD ($)shares | Jun. 30, 2020CNY (¥)shares | Jun. 30, 2020USD ($)shares | Jun. 30, 2019CNY (¥)shares | Dec. 31, 2019USD ($)shares |
Disclosure Of Classes Of Share Capital [Line Items] | |||||
Shares held for share award schemes | ¥ | ¥ 31 | ¥ 19 | |||
Repurchase of shares | ¥ | ¥ 134 | ||||
American Depositary Shares | |||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||
Repurchase of shares | $ | $ 19,000,000 | ||||
Shares repurchased during the period | 1,936,742 | 1,936,742 | |||
Class A Ordinary Shares | |||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||
Proceed from issuance of shares | $ | $ 1,800,000 | ||||
Issuance of ordinary shares | 280,512 | ||||
Share schemes trust withheld | 752,264 | 752,264 | 382,418 | ||
Shares held for share award schemes | ¥ | ¥ 31 | ¥ 19 | |||
Shares held for share scheme Trust | 16,995,518 | 16,995,518 | 31,310,524 | ||
Class A Ordinary Shares in Form Of American Depositary Shares | |||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||
Repurchase of shares | $ | $ 400,000,000 |
Schedule of Other Reserve (Deta
Schedule of Other Reserve (Details) - CNY (¥) ¥ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure Of Reserves Within Equity [Line Items] | ||
Beginning balance | ¥ 43,678 | ¥ 37,772 |
Currency translation differences | 216 | 38 |
Fair value changes on financial assets at fair value through other comprehensive income | 3,428 | 944 |
Share of other comprehensive income (losses) of associates | 1 | (2) |
Share based compensation | 276 | 253 |
Exercise of share options/RSU | 45 | 97 |
Additional equity interests in non-wholly owned subsidiaries | (2) | (35) |
Ending balance | 49,316 | 41,024 |
Other reserves [member] | ||
Disclosure Of Reserves Within Equity [Line Items] | ||
Beginning balance | 2,187 | 903 |
Currency translation differences | 216 | 38 |
Fair value changes on financial assets at fair value through other comprehensive income | 3,428 | 944 |
Share of other comprehensive income (losses) of associates | 1 | (2) |
Share based compensation | 276 | 253 |
Exercise of share options/RSU | (275) | (281) |
Additional equity interests in non-wholly owned subsidiaries | (2) | (33) |
Ending balance | 5,831 | 1,822 |
Share based compensation reserve | Other reserves [member] | ||
Disclosure Of Reserves Within Equity [Line Items] | ||
Beginning balance | 1,470 | 1,416 |
Share based compensation | 276 | 253 |
Exercise of share options/RSU | (275) | (281) |
Ending balance | 1,471 | 1,388 |
Contribution from ultimate holding company | Other reserves [member] | ||
Disclosure Of Reserves Within Equity [Line Items] | ||
Beginning balance | 463 | 463 |
Ending balance | 463 | 463 |
PRC statutory reserve | Other reserves [member] | ||
Disclosure Of Reserves Within Equity [Line Items] | ||
Beginning balance | 94 | 79 |
Ending balance | 94 | 79 |
Foreign currency translation reserve | Other reserves [member] | ||
Disclosure Of Reserves Within Equity [Line Items] | ||
Beginning balance | 712 | 451 |
Currency translation differences | 216 | 38 |
Ending balance | 928 | 489 |
Fair value reserve | Other reserves [member] | ||
Disclosure Of Reserves Within Equity [Line Items] | ||
Beginning balance | 356 | (675) |
Fair value changes on financial assets at fair value through other comprehensive income | 3,428 | 944 |
Ending balance | 3,784 | 269 |
Others | Other reserves [member] | ||
Disclosure Of Reserves Within Equity [Line Items] | ||
Beginning balance | (908) | (831) |
Share of other comprehensive income (losses) of associates | 1 | (2) |
Additional equity interests in non-wholly owned subsidiaries | (2) | (33) |
Ending balance | ¥ (909) | ¥ (866) |
Share Based Compensation - Addi
Share Based Compensation - Additional Information (Details) | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2020CNY (¥)shares$ / shares | Jun. 30, 2020CNY (¥)shares¥ / shares | Jun. 30, 2019CNY (¥)shares$ / shares | Jun. 30, 2019CNY (¥)shares¥ / shares | Dec. 31, 2019shares | Jun. 30, 2020USD ($)shares | Jun. 30, 2019USD ($)shares | Dec. 31, 2018shares | |
Bottom of range | ||||||||
Disclosure Of Share Based Compensation [Line Items] | ||||||||
Expected retention rate | 88.00% | 88.00% | 88.00% | |||||
Top of range | ||||||||
Disclosure Of Share Based Compensation [Line Items] | ||||||||
Expected retention rate | 95.00% | 95.00% | 95.00% | |||||
Tencent Holdings Limited | ||||||||
Disclosure Of Share Based Compensation [Line Items] | ||||||||
Share based compensation by share based payment arrangement number of options granted | 0 | 0 | 0 | 0 | ||||
Share based compensation by share based arrangement number of instruments other than options granted | 2,470 | 2,470 | 54,575 | |||||
2014 Share Incentive Plan | ||||||||
Disclosure Of Share Based Compensation [Line Items] | ||||||||
Weighted average price of the shares at the time of options exercised | (per share) | $ 5.98 | ¥ 42.25 | $ 7.75 | ¥ 54.75 | ||||
Share based compensation by share based payment arrangement number of options outstanding | 8,874,132 | 8,874,132 | 28,457,616 | 28,457,616 | 13,897,304 | 8,874,132 | 28,457,616 | 56,736,209 |
Restricted Share Units | ||||||||
Disclosure Of Share Based Compensation [Line Items] | ||||||||
Description of vesting conditions for share-based payments | one-fourth(1/4) of which shall vest eighteen months after grant date, and one-fourth (1/4) every year after | one-fourth(1/4) of which shall vest eighteen months after grant date, and one-fourth (1/4) every year after | ||||||
Weighted average fair value at measurement date, share options granted | $ 43.71 | ¥ 43.71 | $ 50.16 | ¥ 50.16 | $ 6.19 | $ 7.10 | ||
Restricted Share Units | Tencent Holdings Limited | ||||||||
Disclosure Of Share Based Compensation [Line Items] | ||||||||
Description of vesting conditions for share-based payments | RSUs are subject to a three-year or four-year vesting schedule, and each year after the grant date, one-third (1/3) or one-fourth (1/4) shall vest accordingly. No outstanding share options or RSUs will be exercisable or subject to vesting after the expiry of a maximum of seven years from the date of grant. | RSUs are subject to a three-year or four-year vesting schedule, and each year after the grant date, one-third (1/3) or one-fourth (1/4) shall vest accordingly. No outstanding share options or RSUs will be exercisable or subject to vesting after the expiry of a maximum of seven years from the date of grant. | ||||||
Stock Option | ||||||||
Disclosure Of Share Based Compensation [Line Items] | ||||||||
Description of vesting conditions for share-based payments | One-fourth (1/4) of which shall vest nine months or eighteen months after grant date, respectively, as provided in the grant agreement, and one-fourth (1/4) of which vest upon every year | One-fourth (1/4) of which shall vest nine months or eighteen months after grant date, respectively, as provided in the grant agreement, and one-fourth (1/4) of which vest upon every year | ||||||
Stock Option | Tencent Holdings Limited | ||||||||
Disclosure Of Share Based Compensation [Line Items] | ||||||||
Description of vesting conditions for share-based payments | Share options granted are generally subject to a four-year or five-year vesting schedule as determined by the board of directors of Tencent. Under the four-year vesting schedule, share options in general vest one-fourth (1/4) upon the first anniversary of the grant date, and one-fourth (1/4) every year after. Under the five-year vesting schedule, depending on the nature and purpose of the grant, share options in general vest one-fifth (1/5) upon the first or second anniversary of the grant date, respectively, as provided in the grant agreement, and one-fifth (1/5) every year after. | Share options granted are generally subject to a four-year or five-year vesting schedule as determined by the board of directors of Tencent. Under the four-year vesting schedule, share options in general vest one-fourth (1/4) upon the first anniversary of the grant date, and one-fourth (1/4) every year after. Under the five-year vesting schedule, depending on the nature and purpose of the grant, share options in general vest one-fifth (1/5) upon the first or second anniversary of the grant date, respectively, as provided in the grant agreement, and one-fifth (1/5) every year after. | ||||||
Share based compensation by share based payment arrangement number of options outstanding | 65,100 | 65,100 | 65,100 | 65,100 | ||||
Share based compensation by share based payment arrangement number of options granted | 0 | 0 | 0 | 0 | ||||
2017 Restricted Share Scheme and 2017 Option Plan | ||||||||
Disclosure Of Share Based Compensation [Line Items] | ||||||||
Weighted average price of the shares at the time of options exercised | (per share) | $ 5.96 | ¥ 42.11 | $ 7.15 | ¥ 50.52 | ||||
Share based compensation by share based payment arrangement number of options outstanding | 27,812,374 | 27,812,374 | 33,086,666 | 33,086,666 | 26,640,508 | 27,812,374 | 33,086,666 | 36,086,303 |
Share based compensation by share based payment arrangement number of options granted | 4,333,800 | 4,333,800 | 1,993,780 | 1,993,780 | ||||
Share based compensation by share based arrangement number of instruments other than options granted | 22,027,146 | 22,027,146 | 18,513,224 | 18,513,224 | ||||
First Category Vesting Schedule | ||||||||
Disclosure Of Share Based Compensation [Line Items] | ||||||||
Description of vesting conditions for share-based payments | one-fourth (1/4) of which shall vest and become exercisable upon the first anniversary of the date of grant and one-eighth (1/8) of which shall vest and become exercisable on each half of a year anniversary thereafter. | one-fourth (1/4) of which shall vest and become exercisable upon the first anniversary of the date of grant and one-eighth (1/8) of which shall vest and become exercisable on each half of a year anniversary thereafter. | ||||||
Second Category Vesting Schedule | ||||||||
Disclosure Of Share Based Compensation [Line Items] | ||||||||
Description of vesting conditions for share-based payments | one-fourth (1/4) of which shall vest upon the first anniversary of the grant date and one-sixteenth (1/16) of which shall vest on each three months thereafter. Under the second category vesting schedule, in the event of the Company’s completion of an Initial Public Offering (IPO) or termination of the option holder’s employment agreement by the Company without cause, the vesting schedule shall be accelerated by a one year period (which means that the whole vesting schedule shall be shortened from four years to three years). | one-fourth (1/4) of which shall vest upon the first anniversary of the grant date and one-sixteenth (1/16) of which shall vest on each three months thereafter. Under the second category vesting schedule, in the event of the Company’s completion of an Initial Public Offering (IPO) or termination of the option holder’s employment agreement by the Company without cause, the vesting schedule shall be accelerated by a one year period (which means that the whole vesting schedule shall be shortened from four years to three years). | ||||||
Third Category Vesting Schedule | ||||||||
Disclosure Of Share Based Compensation [Line Items] | ||||||||
Description of vesting conditions for share-based payments | all options shall vest upon the first anniversary of the grant date, and in the event of the Company’s completion of an IPO. | all options shall vest upon the first anniversary of the grant date, and in the event of the Company’s completion of an IPO. | ||||||
2014 Share Incentive Plan | ||||||||
Disclosure Of Share Based Compensation [Line Items] | ||||||||
Number of common shares reserved for future issuance | 96,704,847 | 96,704,847 |
Share Based Compensation - Sche
Share Based Compensation - Schedule of Number, weighted Average Exercise Prices and Weighted-average Grant Date Fair Value of Share Options (Details) | 6 Months Ended | |
Jun. 30, 2020USD ($)shares$ / shares | Jun. 30, 2019USD ($)shares$ / shares | |
2014 Share Incentive Plan | ||
Disclosure Of Share Based Compensation [Line Items] | ||
Number of options outstanding beginning balance | shares | 13,897,304 | 56,736,209 |
Exercised | shares | (4,976,190) | (28,035,644) |
Forfeited | shares | (46,982) | (242,949) |
Number of options outstanding ending balance | shares | 8,874,132 | 28,457,616 |
Number of options Vested and expected to vest | shares | 8,864,335 | 28,058,643 |
Number of options exercisable | shares | 8,792,494 | 24,568,124 |
Number of options non vested | shares | 81,638 | 3,889,492 |
Weighted-average exercise price options outstanding beginning balance | $ / shares | $ 0.23 | $ 0.19 |
Weighted-average grant date fair value options exercised | $ / shares | 0.23 | 0.20 |
Weighted-average exercise price options forfeited | $ / shares | 0.27 | 0.25 |
Weighted-average exercise price options outstanding ending balance | $ / shares | $ 0.23 | $ 0.20 |
Weighted-average exercise price options Vested and expected to vest | $ 0.23 | $ 0.20 |
Weighted-average exercise price options exercisable | $ / shares | $ 0.23 | $ 0.19 |
Weighted-average exercise price options non vested | $ 0 | $ 0.25 |
Weighted-average grant date fair value options outstanding beginning balance | 1.92 | 1.94 |
Weighted-average grant date fair value options exercised | 1.91 | 1.93 |
Weighted-average grant date fair value options forfeited | 1.91 | 192 |
Weighted-average grant date fair value options outstanding ending balance | 1.92 | 1.95 |
Weighted-average grant date fair value options vested and expected to vest | 1.92 | 1.95 |
Weighted-average grant date fair value options exercisable | 1.92 | 1.95 |
Weighted-average grant date fair value options non vested | $ 2.09 | $ 1.92 |
2017 Restricted Share Scheme and 2017 Option Plan | ||
Disclosure Of Share Based Compensation [Line Items] | ||
Number of options outstanding beginning balance | shares | 26,640,508 | 36,086,303 |
Granted | shares | 4,333,800 | 1,993,780 |
Exercised | shares | (2,997,582) | (4,891,152) |
Forfeited | shares | (164,352) | (102,265) |
Number of options outstanding ending balance | shares | 27,812,374 | 33,086,666 |
Number of options Vested and expected to vest | shares | 26,580,133 | 30,566,163 |
Number of options exercisable | shares | 7,965,034 | 7,881,636 |
Number of options non vested | shares | 19,847,340 | 25,205,030 |
Weighted-average exercise price options outstanding beginning balance | $ / shares | $ 3.43 | $ 2.75 |
Weighted-average exercise price options granted | $ / shares | 6.20 | 7.05 |
Weighted-average grant date fair value options exercised | $ / shares | 1.75 | 1.81 |
Weighted-average exercise price options forfeited | $ / shares | 5.91 | 0.27 |
Weighted-average exercise price options outstanding ending balance | $ / shares | $ 4.02 | $ 3.15 |
Weighted-average exercise price options Vested and expected to vest | $ 3.96 | $ 3.11 |
Weighted-average exercise price options exercisable | $ / shares | $ 2.53 | $ 1.69 |
Weighted-average exercise price options non vested | $ 4.62 | $ 3.61 |
Weighted-average grant date fair value options outstanding beginning balance | 2.39 | 2.24 |
Weighted-average grant date fair value options granted | 5.33 | 3 |
Weighted-average grant date fair value options exercised | 2.26 | 1.99 |
Weighted-average grant date fair value options forfeited | 3.32 | 3.11 |
Weighted-average grant date fair value options outstanding ending balance | 2.44 | 2.32 |
Weighted-average grant date fair value options vested and expected to vest | 2.44 | 2.31 |
Weighted-average grant date fair value options exercisable | 1.94 | 1.85 |
Weighted-average grant date fair value options non vested | $ 2.64 | $ 2.46 |
Share Based Compensation - Sc_2
Share Based Compensation - Schedule of Share Options Outstanding (Details) | 6 Months Ended | ||||
Jun. 30, 2020shares$ / shares | Jun. 30, 2019shares | Jun. 30, 2020shares$ / shares | Dec. 31, 2019shares | Dec. 31, 2018shares | |
2014 Share Incentive Plan | |||||
Disclosure Of Rang Of Exercise Prices Of Outstanding Share Options [Line Items] | |||||
Share options | 8,874,132 | 28,457,616 | 8,874,132 | 13,897,304 | 56,736,209 |
Weighted average remaining contractual life of options outstanding at end of period: | 5 years 4 months 9 days | 6 years 2 months 19 days | |||
2014 Share Incentive Plan | Exercise Price Range One | |||||
Disclosure Of Rang Of Exercise Prices Of Outstanding Share Options [Line Items] | |||||
Grant Date | March 1, 2015 | ||||
Expiry date | Feb. 28, 2025 | ||||
Exercise | $ / shares | $ 0.000076 | ||||
Share options | 298,801 | 1,036,027 | 298,801 | ||
2014 Share Incentive Plan | Exercise Price Range Two | |||||
Disclosure Of Rang Of Exercise Prices Of Outstanding Share Options [Line Items] | |||||
Grant Date | March 1, 2015 | ||||
Expiry date | Feb. 28, 2025 | ||||
Exercise | $ / shares | $ 0.27 | ||||
Share options | 394,470 | 620,510 | 394,470 | ||
2014 Share Incentive Plan | Exercise Price Range Three | |||||
Disclosure Of Rang Of Exercise Prices Of Outstanding Share Options [Line Items] | |||||
Grant Date | March 1, 2015 | ||||
Expiry date | Feb. 28, 2025 | ||||
Exercise | $ / shares | $ 0.000076 | ||||
Share options | 811,200 | 6,057,428 | 811,200 | ||
2014 Share Incentive Plan | Exercise Price Range Four | |||||
Disclosure Of Rang Of Exercise Prices Of Outstanding Share Options [Line Items] | |||||
Grant Date | March 1, 2015 | ||||
Expiry date | Feb. 28, 2025 | ||||
Exercise | $ / shares | $ 0.27 | ||||
Share options | 862,810 | 3,896,953 | 862,810 | ||
2014 Share Incentive Plan | Exercise Price Range Five | |||||
Disclosure Of Rang Of Exercise Prices Of Outstanding Share Options [Line Items] | |||||
Grant Date | March 30, 2015 | ||||
Expiry date | Mar. 29, 2025 | ||||
Exercise | $ / shares | $ 0.27 | ||||
Share options | 1,138,842 | 3,252,058 | 1,138,842 | ||
2014 Share Incentive Plan | Exercise Price Range Six | |||||
Disclosure Of Rang Of Exercise Prices Of Outstanding Share Options [Line Items] | |||||
Grant Date | July 1, 2015 | ||||
Expiry date | Jun. 30, 2025 | ||||
Exercise | $ / shares | $ 0.27 | ||||
Share options | 0 | 75,100 | 0 | ||
2014 Share Incentive Plan | Exercise Price Range Seven | |||||
Disclosure Of Rang Of Exercise Prices Of Outstanding Share Options [Line Items] | |||||
Grant Date | October 1, 2015 | ||||
Expiry date | Sep. 30, 2025 | ||||
Exercise | $ / shares | $ 0.27 | ||||
Share options | 127,100 | 741,758 | 127,100 | ||
2014 Share Incentive Plan | Exercise Price Range Eight | |||||
Disclosure Of Rang Of Exercise Prices Of Outstanding Share Options [Line Items] | |||||
Grant Date | December 31, 2015 | ||||
Expiry date | Dec. 30, 2025 | ||||
Exercise | $ / shares | $ 0.27 | ||||
Share options | 844,908 | 2,441,844 | 844,908 | ||
2014 Share Incentive Plan | Exercise Price Range Nine | |||||
Disclosure Of Rang Of Exercise Prices Of Outstanding Share Options [Line Items] | |||||
Grant Date | December 31, 2015 | ||||
Expiry date | Dec. 30, 2025 | ||||
Exercise | $ / shares | $ 0.000076 | ||||
Share options | 38,000 | 224,750 | 38,000 | ||
2014 Share Incentive Plan | Exercise Price Range | |||||
Disclosure Of Rang Of Exercise Prices Of Outstanding Share Options [Line Items] | |||||
Grant Date | March 1, 2016 | ||||
Expiry date | Feb. 28, 2026 | ||||
Exercise | $ / shares | $ 0.27 | ||||
Share options | 162,215 | 401,583 | 162,215 | ||
2014 Share Incentive Plan | Exercise Price Range Eleven | |||||
Disclosure Of Rang Of Exercise Prices Of Outstanding Share Options [Line Items] | |||||
Grant Date | March 31, 2016 | ||||
Expiry date | Mar. 30, 2026 | ||||
Exercise | $ / shares | $ 0.27 | ||||
Share options | 137,032 | 205,364 | 137,032 | ||
2014 Share Incentive Plan | Exercise Price Range Thirteen | |||||
Disclosure Of Rang Of Exercise Prices Of Outstanding Share Options [Line Items] | |||||
Grant Date | June 30, 2016 | ||||
Expiry date | Jun. 29, 2026 | ||||
Exercise | $ / shares | $ 0.000076 | ||||
Share options | 81,638 | 326,538 | 81,638 | ||
2014 Share Incentive Plan | Exercise Price Range Fourteen | |||||
Disclosure Of Rang Of Exercise Prices Of Outstanding Share Options [Line Items] | |||||
Grant Date | June 30, 2016 | ||||
Expiry date | Jun. 29, 2026 | ||||
Exercise | $ / shares | $ 0.27 | ||||
Share options | 3,977,116 | 9,177,703 | 3,977,116 | ||
2017 Restricted Share Scheme and 2017 Option Plan | |||||
Disclosure Of Rang Of Exercise Prices Of Outstanding Share Options [Line Items] | |||||
Share options | 27,812,374 | 33,086,666 | 27,812,374 | 26,640,508 | 36,086,303 |
Weighted average remaining contractual life of options outstanding at end of period: | 7 years 11 months 19 days | 8 years 3 months | |||
2017 Restricted Share Scheme and 2017 Option Plan | Exercise Price Range One | |||||
Disclosure Of Rang Of Exercise Prices Of Outstanding Share Options [Line Items] | |||||
Grant Date | June 16, 2017 | ||||
Expiry date | Jun. 15, 2027 | ||||
Exercise | $ / shares | $ 2.32 | ||||
Share options | 6,945,594 | 10,855,560 | 6,945,594 | ||
2017 Restricted Share Scheme and 2017 Option Plan | Exercise Price Range Two | |||||
Disclosure Of Rang Of Exercise Prices Of Outstanding Share Options [Line Items] | |||||
Grant Date | August 31, 2017 | ||||
Expiry date | Aug. 31, 2027 | ||||
Exercise | $ / shares | $ 0.27 | ||||
Share options | 3,322,756 | 6,167,716 | 3,322,756 | ||
2017 Restricted Share Scheme and 2017 Option Plan | Exercise Price Range Three | |||||
Disclosure Of Rang Of Exercise Prices Of Outstanding Share Options [Line Items] | |||||
Grant Date | December 20, 2017 | ||||
Expiry date | Dec. 20, 2027 | ||||
Exercise | $ / shares | $ 2.32 | ||||
Share options | 5,008,018 | 7,078,110 | 5,008,018 | ||
2017 Restricted Share Scheme and 2017 Option Plan | Exercise Price Range Four | |||||
Disclosure Of Rang Of Exercise Prices Of Outstanding Share Options [Line Items] | |||||
Grant Date | April 16, 2018 | ||||
Expiry date | Apr. 16, 2028 | ||||
Exercise | $ / shares | $ 4.04 | ||||
Share options | 650,000 | 975,000 | 650,000 | ||
2017 Restricted Share Scheme and 2017 Option Plan | Exercise Price Range Five | |||||
Disclosure Of Rang Of Exercise Prices Of Outstanding Share Options [Line Items] | |||||
Grant Date | October 17, 2018 | ||||
Expiry date | Oct. 16, 2028 | ||||
Exercise | $ / shares | $ 7.14 | ||||
Share options | 5,581,500 | 6,016,500 | 5,581,500 | ||
2017 Restricted Share Scheme and 2017 Option Plan | Exercise Price Range Six | |||||
Disclosure Of Rang Of Exercise Prices Of Outstanding Share Options [Line Items] | |||||
Grant Date | June 14, 2019 | ||||
Expiry date | Jun. 13, 2029 | ||||
Exercise | $ / shares | $ 7.05 | ||||
Share options | 1,970,706 | 1,993,780 | 1,970,706 | ||
2017 Restricted Share Scheme and 2017 Option Plan | Exercise Price Range Seven | |||||
Disclosure Of Rang Of Exercise Prices Of Outstanding Share Options [Line Items] | |||||
Grant Date | June 12, 2020 | ||||
Expiry date | Jun. 11, 2030 | ||||
Exercise | $ / shares | $ 6.20 | ||||
Share options | 4,333,800 | 4,333,800 | |||
Share-based Compensation Plans | Tencent Holdings Limited | |||||
Disclosure Of Rang Of Exercise Prices Of Outstanding Share Options [Line Items] | |||||
Share options | 65,100 | 65,100 | 65,100 | ||
Share-based Compensation Plans | Exercise Price Range Two | Tencent Holdings Limited | |||||
Disclosure Of Rang Of Exercise Prices Of Outstanding Share Options [Line Items] | |||||
Grant Date | July 6, 2016 | ||||
Expiry date | Jul. 5, 2023 | ||||
Exercise | $ / shares | $ 174.86 | ||||
Share options | 32,690 | 32,690 | 32,690 | ||
Share-based Compensation Plans | Exercise Price Range Three | Tencent Holdings Limited | |||||
Disclosure Of Rang Of Exercise Prices Of Outstanding Share Options [Line Items] | |||||
Grant Date | July 10, 2017 | ||||
Expiry date | Jul. 9, 2024 | ||||
Exercise | $ / shares | $ 272.36 | ||||
Share options | 32,410 | 32,410 | 32,410 |
Share Based Compensation - Sc_3
Share Based Compensation - Schedule of Movements in the number of RSUs and Awarded Shares (Details) - 2017 Restricted Share Scheme and 2017 Option Plan - shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Disclosure Of Share Based Compensation [Line Items] | |||
Number of options outstanding beginning balance | 26,659,516 | 13,724,100 | 13,724,100 |
Granted | 22,027,146 | 18,513,224 | |
Vested | (6,341,234) | (4,462,014) | |
Forfeited | (1,059,450) | (305,226) | |
Number of options outstanding ending balance | 41,285,978 | 27,470,084 | 26,659,516 |
Expected to vest as at June 30 | 37,167,270 | 24,723,076 |
Share Based Compensation - Summ
Share Based Compensation - Summary of Assumptions Used to Determine Fair value of Share Options (Details) - 2017 Restricted Share Scheme and 2017 Option Plan - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure Of Share Based Compensation [Line Items] | ||
Risk free interest rate | 0.71% | 2.08% |
Expected dividend yield | 0.00% | 0.00% |
Expected volatility range | 40.00% | 40.00% |
Contractual life | 10 years | 10 years |
Bottom of range | ||
Disclosure Of Share Based Compensation [Line Items] | ||
Exercise multiples | $ 2.2 | $ 2.2 |
Top of range | ||
Disclosure Of Share Based Compensation [Line Items] | ||
Exercise multiples | $ 2.8 | $ 2.8 |
Other payables and other liab_3
Other payables and other liabilities - Summary of Other Payables and Accruals (Details) - CNY (¥) ¥ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Included in non-current liabilities | ||
Government grants | ¥ 2 | ¥ 2 |
Deferred income | 90 | 66 |
Others | 10 | |
Total non-current liabilities | 102 | 68 |
Included in current liabilities | ||
Dividend payable | 12 | 12 |
Accrued expenses (note i) | 1,997 | 2,105 |
Advances from customers | 81 | 83 |
Investment payables | 287 | 611 |
Other tax liabilities | 122 | 140 |
Present value of liability of puttable shares | 566 | 539 |
Deferred income | 37 | 23 |
Other deposits | 85 | 77 |
Others | 67 | 80 |
Contingent consideration, measured at fair value (note ii) | 56 | 112 |
Other payables and other liabilities | ¥ 3,310 | ¥ 3,782 |
Other Payables and Accruals - S
Other Payables and Accruals - Summary of Other Payables and Accruals (Parenthetical) (Details) ¥ in Millions | Oct. 31, 2018CNY (¥) |
Top of range | Music Content Company | |
Other Payables And Other Liabilities [Line Items] | |
Maximum variable consideration | ¥ 400 |
Deferred Revenue - Summary of C
Deferred Revenue - Summary of Contract Liabilities (Details) - CNY (¥) ¥ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Contract Liabilities [Abstract] | ||
Non-current | ¥ 78 | ¥ 67 |
Current | 1,583 | 1,694 |
Contract liabilities | ¥ 1,661 | ¥ 1,761 |
Commitments - Additional Inform
Commitments - Additional Information (Details) - CNY (¥) ¥ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Disclosure Of Minimum Royalty Payments [Abstract] | ||
Future minimum commitments for non-cancellable operating commitment | ¥ 466 | ¥ 235 |
Minimum royalty payments under licensing agreement | 3,872 | 7,217 |
Investment commitments | ¥ 116 | ¥ 198 |
Related Party Transactions - Su
Related Party Transactions - Summary of Major Related Parties and Relationships with the Group (Details) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Transactions Between Related Parties [Line Items] | |
Name of related parties | Relationship with the Group |
Tencent Group [Member] | |
Disclosure Of Transactions Between Related Parties [Line Items] | |
Name of related parties | The Company’s principal owner |
China Literature [Member] | |
Disclosure Of Transactions Between Related Parties [Line Items] | |
Name of related parties | Tencent’s subsidiary |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) ¥ in Millions | 6 Months Ended |
Jun. 30, 2020CNY (¥) | |
Disclosure Of Transactions Between Related Parties [Line Items] | |
Total minimum guarantee profit | ¥ 250 |
Intangible assets | 227 |
Amortisation cost | ¥ 11 |
Related Party Transactions - _2
Related Party Transactions - Summary of Significant Related Party Transaction (Details) - CNY (¥) ¥ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Operation expenses recharged by Tencent Group | ¥ 2,465 | ¥ 2,089 |
Promotion and advertising expenses | 948 | 753 |
Tencent Group [Member] | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Operation expenses recharged by Tencent Group | 510 | 345 |
Promotion and advertising expenses | 134 | 91 |
Tencent Group [Member] | Online Music Services | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Online music services to Tencent Group (note) | 129 | 251 |
Tencent Group [Member] | Online Music Services to Company Associates and Associates of Tencent Group [Member] | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Online music services to Tencent Group (note) | 68 | 18 |
Tencent Group [Member] | Social Entertainment Services and Others to The Company's Associates and Associates of Tencent Group [Member] | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Online music services to Tencent Group (note) | 72 | 15 |
Associates | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Content royalties to Tencent Group, the Company's associates and associates of Tencent Group | 106 | 64 |
Other costs to the Company's associates and associates of Tencent Group | ¥ 15 | ¥ 16 |
Related Party Transactions - _3
Related Party Transactions - Summary of Balances with Related Parties (Details) - CNY (¥) ¥ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Tencent Group [Member] | ||
Disclosure Of Balances With Related Parties [Line Items] | ||
Accounts Receivable | ¥ 1,430 | ¥ 1,653 |
Prepayments, Deposits and Other Assets | 30 | 50 |
Accounts Payable | 619 | 215 |
Other Payables and Accruals | 116 | 382 |
The Company's Associates and Associates of Tencent Group [Member] | ||
Disclosure Of Balances With Related Parties [Line Items] | ||
Accounts Receivable | 72 | 49 |
Prepayments, Deposits and Other Assets | 90 | 23 |
Accounts Payable | 44 | 15 |
Other Payables and Accruals | ¥ 16 | ¥ 19 |
Related Party Transactions - _4
Related Party Transactions - Summary of Key Management Personnel Compensation (Details) - Key Management Personnel of Entity or Parent - CNY (¥) ¥ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Short-term employee benefits | ¥ 33 | ¥ 32 |
Share-based compensation | 88 | 109 |
Key management personnel compensation | ¥ 121 | ¥ 141 |
Contingent Liabilities - Additi
Contingent Liabilities - Additional Information (Details) ¥ in Millions | Jun. 30, 2020CNY (¥) |
Disclosure Of Contingent Liabilities In Business Combination [Abstract] | |
Contingent liabilities amount of damages sought | ¥ 29.6 |