In this undated photo, visitors check out Tencent Music Entertainment products at the company's booth during a music show in Beijing. (PHOTO PROVIDED TO CHINA DAILY)

China’s Tencent Music Entertainment Group announced a US$1 billion share repurchase plan, its biggest, late on Sunday, days after the US securities regulator adopted stricter measures for foreign companies listed on American stock exchanges.

Tencent Music may buy back up to US$1 billion of its Class A ordinary shares in the form of American depositary shares during a twelve-month period starting March 29, it said in a statement

The Chinese music streaming company may buy back up to US$1 billion of its Class A ordinary shares in the form of American depositary shares during a twelve-month period starting March 29, it said in a statement.

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The company’s shares were further pressured on Friday after a sell off in its stock - and those of several others such as Baidu Inc and ViacomCBS Inc - by Goldman Sachs, according to an email to clients seen by Bloomberg News.

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Bloomberg and the Financial Times on Saturday reported that Goldman liquidated more than US$10 billion worth of stocks in these companies in block trades.

CNBC reported that the selling pressure was due to liquidation of positions by family office Archegos Capital Management.

US-listed shares of Tencent Music lost more than a third of their value last week.