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Tencent Music launches $1.2 billion US IPO after Trump, Xi trade truce

The music arm of tech giant Tencent Holdings is looking to raise between $1.07 billion and $1.23 billion in a New York Stock Exchange IPO,

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A screen displays the Dow Jones Industrial Average surpassing the 20,000 mark following the closing bell on the floor of the New York Stock Exchange in New York, US.

Julia Fioretti and Julie Zhu | Reuters Hong Kong/ New York
Tencent Music Entertainment launched its hotly-anticipated US initial public offering (IPO) of up to $1.2 billion on Monday after global stock markets were boosted by a truce brokered by US and Chinese leaders in their trade conflict.

The music arm of tech giant Tencent Holdings is looking to raise between $1.07 billion and $1.23 billion in a New York Stock Exchange IPO, according to a filing with the US Securities and Exchange Commission.

The company originally planned to launch its offering in mid-October. But it then decided to delay the IPO over worries the steep global stock market sell-off in the past