• Tencent Music Entertainment Group average debt/equity ratio for 2023 was 0.1, a 9.09% decline from 2022.
• Tencent Music Entertainment Group average debt/equity ratio for 2022 was 0.11, a 10% decline from 2021.
• Tencent Music Entertainment Group average debt/equity ratio for 2021 was 0.1, a 100% increase from 2020.

Debt/equity ratio can be defined as a measure of a company's financial leverage calculated by dividing its long-term debt by stockholders' equity.