This story initially revealed on October 2, 2018.
New York
CNN Enterprise
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Tencent Music has filed plans to go public in the USA in what might be one of many greatest current US IPOs by a Chinese language firm.
The corporate set a placeholder goal of $1 billion, which might 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 the USA because the starting of 2018, in keeping with information supplier Dealogic. The Netflix-like video platform iQIYI raised $2.3 billion and social buying app Pinduoduo raised $1.6 billion.
Tencent Music dominates the music streaming market in China via 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 $1.3 billion.
“We’re pioneering the best way folks get pleasure from on-line music and music-centric social leisure companies,” it stated in a submitting, including that it predicts the variety of folks that pay for music in China will “greater than quadruple between 2017 and 2023.”
The image could be TME, however the firm hasn’t but determined which itemizing trade to commerce. It might select both the Nasdaq or the New York Inventory Alternate.
CNN first reported that Tencent Music was mulling an IPO in the USA in July.
Tencent Music’s IPO follows a flurry of huge listings by Chinese language tech corporations in current months, together with smartphone maker Xiaomi and on-line companies supplier Meituan Dianping.
