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Chinese tech giant Tencent plans US listing for music arm

/ 02:23 PM July 09, 2018

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. AP

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 US 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.

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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.

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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. /ee

TOPICS: Chinese streaming music service, tech company, tencent, US stock exchange
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