Tencent Music has filed skeleton to go open in a United States in what could be one of a biggest new US IPOs by a Chinese company.
The association set a placeholder aim of $1 billion, that could value a association between $25 and $30 billion, according to a SEC filing.
That volume would pitch a third largest Chinese IPO to list in a United States given a commencement of 2018, according to information provider Dealogic. The Netflix-like video height iQIYI lifted $2.3 billion and amicable selling app Pinduoduo lifted $1.6 billion.
Tencent Music dominates a song streaming marketplace in China by a Spotify-like apps. The association suggested in a SEC filing that a services have some-more than 800 million monthly active users. Spotify owns a 9% interest in Tencent Music.
The party auxiliary of Tencent reported a distinction of $263 million for a initial 6 months of 2018, with income of $1.3 billion.
“We are pioneering a approach people suffer online song and music-centric amicable party services,” it pronounced in a filing, adding that it predicts a series of people that compensate for song in China will “more than quadruple between 2017 and 2023.”
The pitch would be TME, though a association hasn’t nonetheless motionless that inventory sell to trade. It could select possibly a Nasdaq or a New York Stock Exchange.
CNN initial reported that Tencent Music was mulling an IPO in a United States in July.
Tencent Music’s IPO follows a flurry of large listings by Chinese tech companies in new months, including smartphone builder Xiaomi and online services provider Meituan Dianping.
–CNN’s Daniel Shane contributed to this story.
