This story initially revealed on October 2, 2018.
That quantity would mark the third largest Chinese language IPO to listing in the US because the starting of 2018, in line with knowledge supplier Dealogic. The Netflix-like video platform iQIYI raised $2.three billion and social buying app Pinduoduo raised $1.6 billion.
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 folks that 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 alternate to commerce. It may select both the Nasdaq or the New York Inventory Alternate.
Tencent Music’s IPO follows a flurry of massive listings by Chinese language tech corporations in current months, together with smartphone maker Xiaomi and on-line providers supplier Meituan Dianping.