• Tencent Music Entertainment Group average return on tangible equity for 2023 was 16.83, a 41.79% decline from 2022.
• Tencent Music Entertainment Group average return on tangible equity for 2022 was 11.87, a 2.78% increase from 2021.
• Tencent Music Entertainment Group average return on tangible equity for 2021 was 12.21, a 18.38% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.