News

Tencent Music plans to public on US exchange

SmallCaps Daily October 2, 2018

1,029 1 minute read

[ad_1]

This story initially printed on October 2, 2018.

The firm set a placeholder goal of $1 billion, which might worth the corporate between $25 and $30 billion, in accordance to its SEC filing.

That quantity would mark the third largest Chinese IPO to record within the United States for the reason that starting of 2018, in accordance to 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 by means of its Spotify-like apps. The firm revealed in its SEC submitting that its music apps have greater than 800 million month-to-month energetic 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 are pioneering the way people enjoy online music and music-centric social entertainment services,” it mentioned in a submitting, including that it predicts the variety of those who pay for music in China will “more than quadruple between 2017 and 2023.”

The image could be TME, however the firm hasn’t but determined which itemizing exchange to commerce. It might select both the Nasdaq or the New York Stock Exchange.

CNN first reported that Tencent Music was mulling an IPO in the United States in July.

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

Daniel Shane contributed to this story.

[ad_2]

Source link