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Tencent Music Entertainment Group, China's largest music streaming company, has applied for an initial public offering in the United States.
In a filing on Tuesday, the music arm of Chinese technology giant Tencent set a $1 billion placeholder to show the size of the IPO and applied for listing on the New York Stock Exchange and technology-loaded Nasdaq under the symbol “TME”.
The company recently cut its plans to raise $4 billion by half and is currently seeking $2 billion. The large IPO is closely following the initial public offering of Shanghai-based electric-vehicle maker NIO Limited(NYSE: NIO), which raised $1 billion last month by selling 160mln in depository shares.
Despite this, the data of Chinese giant Alibaba Group Holdings Limited (NYSE: BABA) is dwarfed, as the company raised more than $20 billion in 2014.
According to Variety, both Warner Music Group and Sony Music Entertainment have acquired shares in Tencent Music for about $200 million in cash.
IPO Roundup: China is eager for "Tesla Killer" NIO Ltd. to trade on the New York Stock Exchange for more than $14. Investors may sit up to notice the annual profit of Chinese music streaming company over the past two years.
The filing shows that in the first half of 2018, Tencent Music's operating income was $1.3 billion, with a profit of $263 million. And for the entire year of 2017, it had a profit of $199 million and revenue of $1.7 billion.
The parent company, Tencent, owns 58% of the music division, and Spotify, which went public on US exchanges earlier this year, owns a 9% stake.
Investors' interest in IPOs has boosted the surge in new listings. Dealogic's data shows that since 2014, more than 180 companies have raised over $50 billion in IPOs in the United States in the first three quarters, making 2018 on track to be the busiest year for new issuance by both measures.
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