Chinese streaming-music giant Tencent Music files for US$1 billion initial public offering
The music-streaming site listed its offering size as US$1 billion in a filing on Tuesday; platforms are becoming important vehicles for US pop stars such as Katy Perry and Rihanna to reach Chinese audiences
Tencent Music Entertainment Group, the online-music arm of China’s largest social-media company, filed for a US initial public offering.
The music-streaming site listed its offering size as US$1 billion in a filing Tuesday with the US Securities and Exchange Commission. The amount is likely a place holder and may change.
Tencent Music is preparing to sell shares after its parent company grapples with restrictions on game approvals in China.
China Literature Ltd., the e-book business spun off from Tencent Holdings in November, has fallen 43 per cent in Hong Kong trading this year.
Tencent Music’s platforms are becoming important vehicles for US pop stars such as Katy Perry and Rihanna to reach Chinese audiences, alongside home-grown artists like Jason Zhang and Joker Xue.
The company counts Stockholm-based Spotify Technology SA as an investor, but the two companies may increasingly become rivals in regions such as Southeast Asia.