Who Owns Kuke Music Company?

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Who owns Kuke Music Company?

Understanding Kuke Music Holding Limited's ownership is key to its strategy and governance. The company went public on January 12, 2021, offering 5 million American Depositary Shares (ADSs) at $10.00 each, raising $50 million.

Founded in 2002 and based in Beijing, China, Kuke Music aims to increase classical music accessibility and appreciation in China through licensing, subscriptions, and education.

Who owns Kuke Music Holding Limited?

As of August 21, 2025, Kuke Music Holding Limited's market capitalization was $50.75 million, a change from its IPO valuation. This analysis explores the evolution of its ownership, including founders, institutional, and individual investors, and significant shifts in control. For a deeper dive into its market environment, consider a Kuke Music PESTEL Analysis.

The ownership journey of Kuke Music began in October 2002 when Mr. He Yu, who would later become the CEO and Chairman, acquired Beijing Cathay Orient Information Technology Company Limited. This pivotal acquisition set the stage for the company's future in classical music licensing and subscriptions. The establishment of Naxos China in January 2016, a joint venture where Beijing Kuke Music held a 51% stake, marked another significant early development.

Founding Acquisition

Mr. He Yu's acquisition of Beijing Cathay Orient Information Technology Company Limited in October 2002 initiated Kuke Music's operational foundation.

Joint Venture Establishment

In January 2016, Naxos China was formed as a joint venture, with Beijing Kuke Music holding a controlling 51% stake.

Holding Company Formation

Kuke Music Holding Limited was incorporated in the Cayman Islands in September 2017, serving as the parent entity.

IPO Share Distribution

At the time of its IPO, key executives held significant ownership percentages, reflecting their foundational roles.

Principal Shareholders

Mr. He Yu, Mr. Xingping Zuo, and Mr. Lung Yu were identified as principal shareholders at the time of the IPO.

Subsidiary Ownership

Within the subsidiary Beijing Kuke Music, significant equity interests were held by the founding team and investment entities.

Following its IPO, Kuke Music Holding Limited's ownership structure highlighted the substantial stakes held by its key executives and founders. As of a November 2022 filing, Mr. He Yu was listed as holding 19.7% of the outstanding shares on an as-converted basis, Mr. Xingping Zuo held 14.0%, and Mr. Lung Yu held 7.9%. These figures underscore the concentrated ownership among the founding leadership, aligning with their strategic direction for the company. Understanding these early ownership dynamics is crucial for grasping the company's trajectory and its Revenue Streams & Business Model of Kuke Music.

Key Shareholder Stakes (As-Converted Basis)

At the time of its IPO, principal shareholders maintained significant equity in Kuke Music Holding Limited.

• Mr. He Yu: 19.7%
• Mr. Xingping Zuo: 14.0%
• Mr. Lung Yu: 7.9%

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Kuke Music Holding Limited's transition to a public entity via its January 12, 2021, IPO on the New York Stock Exchange marked a significant shift in its ownership structure. The offering raised US$50 million, with an initial market capitalization of approximately US$295.67 million, setting the stage for a new phase of stakeholder engagement and corporate governance.

The corporate structure of Kuke Music is characterized by a dual-class share system, designed to concentrate voting power. This structure, combined with the significant voting rights attached to Class B shares, ensures that key individuals maintain substantial control over the company's direction. Understanding who owns Kuke Music requires an examination of both the founders' holdings and the evolving landscape of institutional and public investors.

Key Ownership Dynamics

The ownership of Kuke Music Company is heavily influenced by its dual-class share structure and the significant voting power held by its founders. This concentration of control impacts the company's governance and strategic decision-making processes.

• Mr. He Yu, CEO and Chairman, holds a controlling voting interest, classifying the company as a 'controlled company' under NYSE rules.
• He Yu and Lung Yu beneficially own all Class B ordinary shares, reinforcing their leadership.
• As of September 20, 2024, Class B shares' voting rights increased from ten to fifty votes per share, further consolidating control.
• Institutional ownership was reported at 2.29% as of August 2025, indicating a smaller but present institutional investor base.
• Citadel Advisors LLC and PFG Investments LLC were among recent institutional buyers, acquiring shares in early 2025.
• Public shareholders held approximately 39.6% of shares on an as-converted basis as of November 2022.
• A significant ownership change is anticipated due to the March 20, 2025, Share Purchase Agreement for JoyMiracle Inc., involving the issuance of 131,653,430 Class A Ordinary Shares. This move is expected to dilute existing shareholder influence.
• The Growth Strategy of Kuke Music is intrinsically linked to these ownership shifts and the company's ability to integrate new acquisitions.

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The Board of Directors for Kuke Music Holding Limited is structured to balance operational leadership with independent oversight. Key figures include Mr. He Yu, the founder, CEO, and Chairman, alongside other directors such as Mr. Lung Yu, also a founder, Mr. Peixian Tan, and Mr. Yu Chen.

Kuke Music's corporate structure features a dual-class share system that significantly concentrates voting power. Class A ordinary shares each carry one vote, while Class B ordinary shares are endowed with fifty votes per share, a recent amendment effective September 20, 2024. This amplified voting power for Class B shares, all of which are beneficially owned by Mr. He Yu and Mr. Lung Yu, positions them to exert substantial control over company decisions. Following its IPO, Mr. He Yu was projected to hold over 50% of the voting power for director elections, designating Kuke Music as a 'controlled company' under NYSE regulations. Shareholders of record as of August 26, 2024, were eligible to vote on these changes at the Annual General Meeting and a separate Class B Meeting. For holders of American Depositary Shares (ADS), voting instructions are managed through the depositary, Deutsche Bank Trust Company Americas. While there have been no major proxy battles or activist campaigns reported, the current ownership structure and enhanced Class B voting rights mean that the founding and core leadership team largely influences strategic direction, impacting the Target Market of Kuke Music.

Understanding Kuke Music's Voting Power

Kuke Music's voting power is heavily influenced by its dual-class share structure. This arrangement gives founders significant control over company direction.

• Class A shares: 1 vote per share
• Class B shares: 50 votes per share (as of September 20, 2024)
• Founders Mr. He Yu and Mr. Lung Yu own all Class B shares
• Company classified as a 'controlled company' under NYSE rules
• Founders' voting power ensures majority control

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Kuke Music Holding Limited has undergone significant shifts in its ownership structure and operational status over the past few years. These changes include a reverse stock split, regaining compliance with stock exchange listing standards, and strategic acquisitions that are altering the shareholder landscape.

Recent strategic initiatives by Kuke Music Holding Limited demonstrate a forward-looking approach to business development. The company is actively exploring new avenues for growth, including collaborations within the automotive sector and the integration of artificial intelligence into its music technology offerings. These efforts aim to diversify revenue streams and enhance its market position.

Strategic Partnerships

Kuke Music is pursuing collaborations with automotive manufacturers for in-car entertainment systems. This move targets new distribution channels and user engagement opportunities.

AI in Music Technology

The company is investigating the application of artificial intelligence within its music technology services. This exploration aims to innovate and improve its product offerings.

Financial Performance Update

For the six months ended June 30, 2024, Kuke Music reported unaudited interim financial results. The company also filed its annual report for the fiscal year ended December 31, 2024, on May 15, 2025.

Revenue Trends

Revenue decreased to RMB 68.921 million (approximately US$9.578 million) in 2024, down from RMB 106.937 million in 2023. This indicates a challenging revenue environment for the period.

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