Chinese tech giant Tencent plans US listing for music arm

In this Nov. 20, 2017, photo, a woman wears her earphones as she walks past mascots representing the various platforms owned by Chinese internet conglomerate Tencent Holdings Limited during a promotion of Tencent Video, a video streaming service, in Beijing, China. Tencent, China's most valuable tech company and the operator of the popular WeChat social media platform, says it plans to spin off its streaming music service on a U.S. stock exchange. (AP Photo/Ng Han Guan)

BEIJING — Tencent, China's most valuable tech company and the operator of the popular WeChat social media platform, says it plans to spin off its streaming music service on a U.S. stock exchange.

The company said in a statement issued through the Hong Kong stock exchange that the share price and other details of the stock offering in Tencent Music Entertainment Group have yet to be decided.

Tencent Holdings Ltd.'s other businesses include WeChat and online games and video. Most of its activity is concentrated in its faster-growing home market in China but the company is gradually expanding abroad.

Tencent Music competes in China with streaming services operated by Netease Inc. and Baidu.com Inc.

The company, headquartered in the southern city of Shenzhen, reported a first-quarter profit of 23.3 billion yuan ($3.7 billion).

Tencent's stock market value on Monday was $480 billion, placing it among the 10 most valuable publicly traded companies globally.

Must Read

Asian markets lower after Wall Street decline

Sep 15, 2016

Asian stock markets were mostly lower Thursday following Wall Street's decline in light trading...

Argentine soccer star Carlos Tevez signs $40M...

Dec 29, 2016

Argentine striker Carlos Tevez has signed to play for Shanghai Shenhua, becoming the latest in a...

Choked by smog, Beijing creates new environmental...

Jan 8, 2017

Officials in Beijing have announced a new environmental police squad to root out illegal burning in...

China pledges further cuts in excess steel, coal...

Jan 10, 2017

China's top economic planner has pledged to continue cutting steel and coal production, which have...

Chinese factory makes giant inflatable...

Jan 13, 2017

A Chinese factory has been doing a brisk business selling giant inflatable roosters, some as tall...

Sign up now!

Advertisement