HK-listed Tencent sinks to 13-month low; Nomura trims TP

** Shares of Tencent Holdings Ltd fall 5.2% to HK$464.40, their lowest since June 22, 2020

** Stock extends losses for a third consecutive session

** Stock is the most actively traded by turnover and the fifth-biggest percentage decliner in the benchmark Hang Seng Index

** Nomura maintains "buy" on the stock, but trims target price to HK$698 from HK$731, saying Tencent's Q2 revenue likely to be in line while earnings may beat low market expectations

** "Game developers are more inclined to publish games on their own instead of licensing their titles to third-party publishers such as Tencent," Nomura wrote in a research note, flagging a structural change in the Chinese mobile gaming space.

** China's market regulator said on Saturday it would bar Tencent from exclusive music copyright deals, and the firm was fined 500,000 yuan ($77,143.83) for unfair market practices in the online music market after its acquisition of China Music Corp

** The Hong Kong Hang Seng sub-index tracking information technology firms drops 4.3%, and the Hang Seng Tech Index falls 3%

** The Hang Seng China Enterprises Index slides 1.8%, and the benchmark index slips 1.2%

** By last close, stock down 13.1% this year