{"id":17137,"date":"2018-10-02T23:23:25","date_gmt":"2018-10-02T23:23:25","guid":{"rendered":"http:\/\/qatar-news.org\/qatarnewsEn\/?p=17137"},"modified":"2018-10-02T23:23:25","modified_gmt":"2018-10-02T23:23:25","slug":"tencent-music-plans-to-go-public-on-us-exchange","status":"publish","type":"post","link":"https:\/\/qatar-news.org\/qatarnewsEn\/?p=17137","title":{"rendered":"Tencent Music plans to go public on US exchange"},"content":{"rendered":"<div id=\"storytext\" readability=\"63.2603231598\">\n<div id=\"js-ie-storytop\" class=\"ie--storytop\">\n<div class=\"cnnplayer\" id=\"cnnplayer0\">\n<div class=\"cnnVidplayer\">\n<div class=\"summaryImg\" id=\"vid0\" href=\"http:\/\/rss.cnn.com\/video\/technology\/business\/2018\/08\/22\/tencent-what-you-need-to-know.cnnmoney\">\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i2.cdn.turner.com\/money\/dam\/assets\/180822165440-tencent-pony-ma-1024x576.jpg\" width=\"780\" height=\"439\" alt=\"What you need to know about Tencent\" border=\"0\">\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h2 class=\"speakable\">Tencent Music has filed plans to go public in the United States in what could be one the biggest recent US IPOs by a Chinese company.<\/h2>\n<p class=\"speakable\"> The company set a placeholder target of $1 billion, which could value the company between <a href=\"https:\/\/www.ft.com\/content\/68ff4dd8-63e2-11e8-90c2-9563a0613e56\" target=\"_blank\">$25 and $30 billion<\/a>, according to its <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1744676\/000119312518290581\/d624633df1.htm\" target=\"_blank\">SEC filing<\/a>. <\/p>\n<p class=\"speakable\"> That amount would mark the third largest Chinese IPO to list in the United States since the beginning of 2018, according to data provider Dealogic. The Netflix-like video platform iQIYI raised $2.3 billion and social shopping app Pinduoduo raised $1.6 billion. <\/p>\n<p> Tencent Music dominates the music streaming market in China through its Spotify-like apps. The company revealed in its SEC filing that its services have more than 800 million monthly active users. Spotify owns a <a href=\"https:\/\/money.cnn.com\/2018\/04\/04\/technology\/spotify-ipo-tencent-sony-stake\/index.html\">9% stake in Tencent Music<\/a>. <\/p>\n<p> The entertainment subsidiary of Tencent reported a profit of $263 million for the first six months of 2018, with revenue of $1.3 billion. <\/p>\n<p> &#8220;We are pioneering the way people enjoy online music and music-centric social entertainment services,&#8221; it said in a filing, adding that it predicts the number of people that pay for music in China will &#8220;more than quadruple between 2017 and 2023.&#8221; <\/p>\n<p> The symbol would be TME, but the company hasn&#8217;t yet decided which listing exchange to trade. It could choose either the Nasdaq or the New York Stock Exchange. <\/p>\n<p> CNN first reported that Tencent Music was <a href=\"https:\/\/money.cnn.com\/2018\/07\/09\/technology\/tencent-music-ipo-us\/index.html\">mulling an IPO in the United States in July.<\/a> <\/p>\n<p> Tencent Music&#8217;s IPO comes amid a flurry of anticipated listings for Chinese tech companies in the coming months,<a href=\"https:\/\/money.cnn.com\/2018\/05\/04\/technology\/china-tech-ipos\/index.html?iid=EL\"> including Didi Chuxing and Ant Financial.<\/a> <\/p>\n<p> <i>&#8211;CNN&#8217;s Daniel Shane contributed to this story.<\/i> <\/p>\n<p> <span class=\"cnnStorySource\"> CNNMoney (New York) <\/span> <span class=\"cnnDateStamp\">First published October 2, 2018: 2:07 PM ET<\/span> <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Tencent Music has filed plans to go public in the United States in what could be one the biggest recent US IPOs by a Chinese company. The company set a placeholder target of $1 billion, which could value the company between $25 and $30 billion, according to its SEC filing. That amount would mark the&hellip;<\/p>\n","protected":false},"author":10,"featured_media":17138,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-17137","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world_news"],"_links":{"self":[{"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=\/wp\/v2\/posts\/17137","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17137"}],"version-history":[{"count":0,"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=\/wp\/v2\/posts\/17137\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=\/wp\/v2\/media\/17138"}],"wp:attachment":[{"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17137"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17137"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17137"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}