Tencent Music IPO will be in the US

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Spotify's unusual NYSE playlist

Considered one of China’s prime tech firms plans to checklist its on-line music enterprise in the US.

Tencent (TCEHY) mentioned in an announcement Sunday that it’s going to promote shares within the music unit on a US inventory trade. It did not present a time line or particulars on the dimensions of the proposed inventory providing, however latest reviews have steered the transfer may worth Tencent Music at greater than $30 billion.

The corporate did not reply to requests for additional remark.

Associated: China’s massive streaming shift: Paying as a substitute of pirating

A valuation on that scale would put Tencent Music on a par with world music streaming service Spotify (SPOT), which went public in New York in April. The 2 firms already personal stakes in one another after a share swap in December.

Hong Kong-listed Tencent, which has a market worth of round $480 billion, owns an array of web companies, together with WeChat, a multipurpose messaging app that has multiple billion customers.

Tencent Music dominates the music streaming market in China by its QQ Music, KuGou and Kuwo platforms. It has round 600 million customers, though solely about 15 million of them are paying subscribers.

Associated: Tencent is again within the $500 billion membership

01 tencent music apps
Tencent’s QQ Music, Kugou and Kuwo companies seen on the display of an iPhone.

It has unique offers with Sony Music, Common Music Group and Warner Music Group. Below the association, Tencent will get to determine which songs rivals can stream.

“Tencent has an awesome market share in a rising enterprise,” Travis Lundy, an analyst at funding analysis platform Smartkarma, wrote in a word Monday. He added that an IPO would give Tencent Music new funds that it may use to purchase extra content material for its platforms.

Associated: China’s app for the whole lot recordsdata for enormous Hong Kong IPO

Tencent shares had been up 2.5% in afternoon buying and selling in Hong Kong.

The deliberate IPO of Tencent Music comes amid a flurry of anticipated listings for Chinese language tech firms within the coming months.

Smartphone maker Xiaomi made its buying and selling debut in Hong Kong on Monday after elevating $four.7 billion in an IPO.

— Sherisse Pham contributed to this report.

CNNMoney (Hong Kong) First printed July 9, 2018: 1:28 AM ET

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