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The deal broadens cooperation into marketing, talent promotion and multimedia content for Chinese users and international artists.\nSee our latest analysis for NetEase Cloud Music.\nAgainst this backdrop, NetEase Cloud Music’s recent licensing renewal with Warner Music Group comes after a mixed stretch in the market. 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Semiconductor shares extended their global rebound after last week's severe selloff. Tencent Holdings fell 7.05% and NetEase declined 7.4%, both notching their biggest one-day percentage drop in more than a year. Bilibili gave up 4.9%. For Tencent, its valuation has been depressed in recent months amid concerns about a lack of new blockbuster games and higher expenses related to AI investments. However, Bernstein analysts still expect Tencent to outperform its gaming peers. The benchmark Hang Seng Index ended 0.95% lower at 24892.66; the Hang Seng Tech Index fell 3.0%.  Dow Jones NewswiresJuly 22, 2026 05:08 ET Copyright  2026 Dow Jones & Company, 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