(Yicai Global) Dec. 12 -- Chinese internet giant Tencent Holdings' [HK:0700] market value returned to above HKD3 trillion (USD384 billion) to HKD3.01 trillion, swept up in an overall rally in the Hong Kong stock market this morning. 

It closed at HKD316.6 (USD40.5) per share, up 1.7 percent, and with a market cap of HKD3.02 trillion.

In other good news for the firm, its Tencent Music Entertainment Group unit will list on the New York Stock Exchange today in an initial public offering of 82 million American depositary shares at USD13 per. The IPO is thus expected to yield USD1.07 billion to USD1.23 billion.

Tencent Music, which will be the last subsidiary of the Shenzhen-based tech titan to go public this year, achieved an operating income of CNY13.6 billion (USD2 billion), from which it wrung a net profit of CNY2.7 billion in the first three quarters, public information shows.

Tencent released its third-quarter financial report on Nov. 15 which outdid market expectations, after which its stock rose steadily, with a cumulative increase of over 16 percent last month. 

The company's third-quarter operating income jumped 24 percent annually to CNY81 billion, and it booked a 15-percent gain in net profit to CNY19.7 billion.

Its shares hit a record high of HKD475.7 per share in January to confer a market value topping HKD4 trillion, but then slid along the rut of a deep correction in the global market to a low of HKD251.4 per share in October.

Editor: Ben Armour