Tencent Holdings plans spinoff, US listing of online music business

Its music platforms - QQ Music, KuGou and Kuwo -are becoming important vehicles for pop stars such as Katy Perry and Rihanna to reach a Chinese audience

Chinese internet giant Tencent Holdings is planning to spin off its online music entertainment business and list its shares in the US through a public offering, the company said in a filing to the Hong Kong stock exchange Sunday. 

Tencent, China’s largest social media and gaming company, said terms of the proposal, including size, price and range, have not yet been finalised. Tencent Music Entertainment Group has picked banks to advise on a planned initial public offering in the US that could raise at least $1 billion, people with knowledge of the matter told Bloomberg in May.

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