This story initially revealed on October 2, 2018.
The corporate set a placeholder goal of $1 billion, which may worth the corporate between $25 and $30 billion, in response to its SEC filing.
That quantity would mark the third largest Chinese language IPO to record in the US because the starting of 2018, in response to information supplier Dealogic. The Netflix-like video platform iQIYI raised $2.three billion and social purchasing app Pinduoduo raised $1.6 billion.
Tencent Music dominates the music streaming market in China by means of its Spotify-like apps. The corporate revealed in its SEC submitting that its music apps have greater than 800 million month-to-month lively 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.three billion.
“We’re pioneering the way in which individuals get pleasure from on-line music and music-centric social leisure providers,” it stated in a submitting, including that it predicts the variety of…
