Tencent Music plans IPO for second half of 2018

Updated 2018-04-23 14:48:02

Tencent Music Entertainment Group, China's largest music-streaming company, is planning to file an initial public offering for the second half of 2018, following the successful debut of the company's European counterpart, Spotify Technology SA, The Wall Street Journal reported on Sunday.

The Chinese internet giant's digital music business will interview potential underwriting banks sometime in May, the report said, citing people familiar with the matter.

The deal, which would be one of the largest tech offerings ever, is expected to raise billions, considered the latest sign the IPO market is gaining steam.

Tencent Music's offering could value the business in excess of billion, a sharp jump from its .5 billion valuation in late 2017 when Spotify, a Swedish music-streaming company, bought a 9 percent stake in the company as part of a share swap.

The deal would be the fourth-biggest US-listed tech IPO on record measured by valuation at time of offering, should investors give Tencent Music that value, according to Dealogic.

Tencent Music is expected to list in the United States, but the final decision on the venue of the deal is not yet determined.

Established in mid-2016, Tencent Music, an operator of the popular music app QQ Music and others, had 700 million monthly active users across personal computer and mobile platforms largely in China, the company said.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58October 18 2018 11:51:26

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16October 18 2018 11:51:26

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18October 18 2018 11:51:26

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords