ReutersGUANGZHOU, China– Tencent Music Entertainment Group announced plans to buy back up to $1 billion worth of shares on Monday after the U.S.-listed stock suffered a substantial drop last week.The repurchases can start on Monday and will take place over the next 12 months.Tencent Music is the online music arm of Chinese innovation giant Tencent which runs streaming services and apps. The business, which is listed on the New York Stock Exchange, lost about a third of its worth last week in the middle of a sell-off in Chinese technology stocks.Part of that selling came after the U.S. Securities and Exchange Commission (SEC) embraced a law which might lead to delisting of foreign firms that fall foul of the brand-new auditing rules.But more pressure came on Friday after Archegos Capital Management was required to liquidate positions it held in some major Chinese innovation names, CNBC reported.Tencent Music will buy Class A common shares in the form of American depositary shares, it stated in a statement.

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