Chinese internet giant seeks to list online music business in US

Vastavam web: Chinese internet giant Tencent Holdings Ltd said it is looking to spin off and list its online music business, China’s biggest music-streaming company, in the United States.The proposed listing is a sign that the once-flagging online music industry is getting back on track as more listeners take to streaming music through smartphone apps even as companies battle piracy and try to sign up more paying customers.

Market leader Spotify Technology SA debuted its own shares in April, structuring its listing to allow existing investors to sell directly to the public.Tencent Music is seeking an initial public offering worth up to $4 billion, valuing it at about $25 billion, IFR reported in April, citing people familiar with the plans.

Terms of the proposed spin-off, including offering size, price range and entitlement of Tencent Music securities for the company’s shareholders, have not yet been finalised, Tencent said in a filing on Sunday. Further statements will be made, it added. Even so, the city managed to snag Chinese smartphone maker Xiaomi Corp, which recently raised $4.72 billion in its IPO -the world’s biggest technology float in four years.

Ltd said it is looking to spin off and list its online music business, China’s biggest music-streaming company, in the United States. The proposed listing is a sign that the once-flagging online music industry is getting back on track as more listeners take to streaming music through smartphone apps even as companies battle piracy and try to sign up more paying customers.

Market leader Spotify Technology SA debuted its own shares in April, structuring its listing to allow existing investors to sell directly to the public. Tencent Music is seeking an initial public offering worth up to $4 billion, valuing it at about $25 billion, IFR reported in April, citing people familiar with the plans.

Terms of the proposed spin-off, including offering size, price range and entitlement of Tencent Music securities for the company’s shareholders, have not yet been finalised, Tencent said in a filing on Sunday. Further statements will be made, it added. Even so, the city managed to snag Chinese smartphone maker Xiaomi Corp, which recently raised $4.72 billion in its IPO -the world’s biggest technology float in four years.