Business
20:49, 08-Jul-2018
Tencent to spin off and list its music business in the US
Updated
19:58, 11-Jul-2018
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Chinese tech firm Tencent plans to spin off its online music entertainment business through independent listings in the US after submitting a proposal to the Hong Kong Stock Exchange, according to the company’s Sunday announcement.
The filing also says that the online music entertainment business is operated by Tencent Music Entertainment Group, a subsidiary of Tencent, which holds a majority stake.
The terms of the proposed spin-off, including the size and the pricing have yet to be determined.
The giant’s music spin-off listing has long been rumored. IFR, a Thomson Reuters publication, reported in May Tencent Music’s US IPO plan and predicted a valuation of about 25 billion US dollars.