Chinese media giant Tencent confirmed that Tencent Music Entertainment (TME) will soon float on a “a recognized stock exchange in the United States through a registered public offering”.
In preparation for this float, Tencent has submitted a proposal to the Stock Exchange of Hong Kong, which has since confirmed that Tencent can proceed with the proposed spin-off.
According to Tencent:
The terms of the Proposed Spin-off, including offering size, price range and assured entitlement of Tencent Music securities for shareholders of the Company, have not yet been finalized.
The Proposed Spin-off is subject to, among other things, the obtaining of approval(s) from the relevant authorities in respect of the listing of, and permission to deal in, securities of Tencent Music, and the final decisions of the Board of the Company and the board of directors of Tencent Music.
Tencent Music owns digital music services QQ Music, Kuwo and KuGou in China, which entered the Top 10 biggest recorded music markets last year.
According to a news report out of China last week, TME is expected to nail a public valuation of around $30bn after its IPO in the US – with the process underwritten by Goldman Sachs and Morgan Stanley
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