Online Music Streaming Business of Tencent Holdings Limited acquired China Music Corporation on July 12, 2016. The consideration was paid through issuance of 1.3 billion shares of China Music Corporation. After the transaction, Tencent Holdings Limited will get an additional 44% stake in China Music and hold 61.6% stake in China Music, making it a non-wholly owned subsidiary. As part of the acquisition, QQ Music will merge with KuGou and Kuwo of China Music Corporation to form a new company in which Tencent will become the majority shareholder. Tencent Vice-President Pang Kar Shun will become the Chief Executive Officer of the new entity. Xie Guomin and Xie Zhenyu, Co-Chief Executive Officers of China Music, will become co Presidents of the new company. Richard Spooner of Maples and Calder (Cayman) and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisors to China Music. Davis Polk & Wardwell LLP acted as legal advisor to Tencent Holdings. Goldman Sachs acted as financial advisor to China Music. Online Music Streaming Business of Tencent Holdings Limited completed the acquisition of China Music Corporation on July 12, 2016.