Weekly News

China's Tencent turns to US for IPO of its music business

July 09,2018 10:09

Tencent (TCEHY) said in a statement Sunday that it will sell shares in the music unit on a US stock exchange. It didn't provide a time line or details on the size of the proposed stock offering, but recent reports have suggested the move could value ...


BEIJING (AP) - Tencent, China’s most valuable tech company and the operator of the popular WeChat social media platform, says it plans to spin off its streaming music service on a U.S. stock exchange.
The company said in a statement issued through the Hong Kong stock exchange that the share price and other details of the stock offering in Tencent Music Entertainment Group have yet to be decided.
Tencent Holdings Ltd.’s other businesses include WeChat and online games and video. Most of its activity is concentrated in its faster-growing home market in China but the company is gradually expanding abroad.
Tencent Music competes in China with streaming services operated by Netease Inc. and Baidu.com Inc.
The company, headquartered in the southern city of Shenzhen, reported a first-quarter profit of 23.3 billion yuan ($3.7 billion).
Tencent’s stock market value on Monday was $480 billion, placing it among the 10 most valuable publicly traded companies globally.

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy
The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

business casual business business insider business card business lease business english business model canvas business intelligence business class business casual dress code

Share this article

Related videos

Tencent Music Plans IPO; Valuation Could Exceed $25 Billion
Tencent Music Plans IPO; Valuation Could Exceed...
Tencent Music invites banks to pitch for role in up to $4-billion U.S. IPO: report
Tencent Music invites banks to pitch for role i...

DON'T MISS THIS STORIES