Tencent Music to List Shares in US Bourse

Tencent Music to List Shares in US Bourse

2018/11/30

Tencent Music Entertainment Group, China’s largest music-streaming company, is planning to list shares in the United States on December 12, with a valuation between USD 22 billion and USD 25 billion, Sina Finance reported on November 23. The company will launch an international road show at the beginning of December and list shares in US bourse on December 12, with a total initial public offering less than USD 1 billion. It has obtained 10 times subscription intention from institutions, the report said citing people close to the deal. Tencent Music with continuous profit growth is the only tech giant to be listed with non-deficit account, which makes it an important force leading China's music industry transformation and combining music streaming, video content and social media characteristics of Spotify, YouTube and Facebook, Bloomberg reported. Tencent Music’s prospect shows the company’s operation revenue increased 92% year-on-year to 8.62 billion Yuan ($1.24 billion) in first half of 2018, up from 4.49 billion Yuan in the same period of 2017. With 800 million monthly active users, the company made a profit of 2.11 billion Yuan for the first half of 2018, up 189% year-on-year.

Source: Chinadaily




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