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    Zhangxiang Liu

    Vice President and Equity Research Analyst at Citigroup Inc.

    Zhangxiang Liu is a Vice President and Equity Research Analyst at Citigroup Inc., specializing in the coverage of the technology sector with a focus on leading Chinese internet and e-commerce companies such as Alibaba, Tencent, and JD.com. Known for offering data-driven investment insights, Liu has been recognized for actionable stock recommendations and maintains robust accuracy in target price forecasting, with a consistently positive performance track record noted by investment research platforms. Liu joined Citigroup in 2017 after completing advanced academic training and gaining early-career research experience at renowned financial institutions, contributing significantly to industry reports and thought leadership. He holds FINRA Series 7 and 63 licenses, underscoring his professional credentials as a licensed securities analyst.

    Zhangxiang Liu's questions to Tencent Music Entertainment (TME) leadership

    Zhangxiang Liu's questions to Tencent Music Entertainment (TME) leadership • Q1 2025

    Question

    Alex Liu from Citigroup asked about the growth opportunities for podcasts in China and requested details on TME's current long-form audio user metrics and revenue contribution.

    Answer

    An executive explained that while traditional podcasts have limited reach in China, TME is prioritizing broader long-form audio, including audiobooks and online literature. They noted this content plays a complementary role to music, drives SVIP adoption, and has shown significant growth in its user and subscriber base, though specific metrics were not disclosed.

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