China’s Tencent Music revived its plans to list in the US

China’s Tencent Music has revived its plans to list in the US and raise up to $1.2bn (£940m). It would be one of the largest listings by a Chinese company on the New York Stock Exchange this year.

The initial public offering, originally mooted in October, had been delayed by the turmoil sparked by the Chinese-US trade war, reports BBC.

The listing of the music arm of China’s technology company Tencent Holdings is expected to value it at up to $25bn. Spotify, the Swedish music streaming service, was listed in the US in April with a $26bn valuation. Its shares have had a rollercoaster ride since then and is now worth only $24.3bn.

Tencent Music

A Tencent sign is seen during the fourth World Internet Conference in Wuzhen, Zhejiang province, China

While Tencent appears to have scaled back the amount it wants to raise, it has resumed its plans after markets rallied following talks between China and the US at the G20 summit over their trade dispute.

Presidents Donald Trump and Xi Jinping agreed to a temporary truce in their bitter dispute. Tencent also owns QQ Music and Kugou, and is said to have over 700 million monthly active users. Tencent Music’s decision to file for a share listing makes it the latest Chinese company to seek investors in the US.

Data from Refinitv shows that Chinese companies have raised $7.8bn from share offerings this year in the US, with video streaming company iQiyi raising $2.4bn.


This article has been posted by a News Hour Correspondent. For queries, please contact through [email protected]
No Comments

Translate this News

Join the Facebook Group

Click here to join the Facebook group of News Hour

Popular Posts

The SARS-CoV-19 outbreak, a global threat
Master Chef 2.0 held at DPS STS School Dhaka
Scientists have discovered a new type of antibiotic using AI
Speakers suggested replication of Hilsa experience for crab preservation in the south-west Bangladesh
Lyft Inc buys startup Halo Cars
Samsung launched the Galaxy S20+ and S20 Ultra in Bangladesh


News of the Month

December 2018
« Nov   Jan »
Scroll Up
%d bloggers like this: