Tencent Music plans to public on US exchange

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This story initially printed on October 2, 2018.

The corporate set a placeholder goal of $1 billion, which may worth the corporate between $25 and $30 billion, in keeping with its SEC submitting.

That quantity would mark the third largest Chinese language IPO to checklist in america for the reason that starting of 2018, in keeping with knowledge supplier Dealogic. The Netflix-like video platform iQIYI raised $2.three billion and social procuring app Pinduoduo raised $1.6 billion.

Tencent Music dominates the music streaming market in China by its Spotify-like apps. The corporate revealed in its SEC submitting that its music apps have greater than 800 million month-to-month lively customers. Spotify owns a 9% stake in Tencent Music.

The leisure subsidiary of Tencent reported a revenue of $263 million for the primary six months of 2018, with income of $1.three billion.

“We’re pioneering the way in which individuals get pleasure from on-line music and music-centric social leisure providers,” it stated in a submitting, including that it predicts the variety of those who pay for music in China will “greater than quadruple between 2017 and 2023.”

The image can be TME, however the firm hasn’t but determined which itemizing change to commerce. It may select both the Nasdaq or the New York Inventory Alternate.

CNN first reported that Tencent Music was mulling an IPO in america in July.

Tencent Music’s IPO follows a flurry of massive listings by Chinese language tech corporations in latest months, together with smartphone maker Xiaomi and on-line providers supplier Meituan Dianping.

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