Tencent Music Entertainment files IPO paperwork
Tencent Music Entertainment Group on Tuesday filed paperwork with the Securities and Exchange Commission for an initial public offering. The company has applied to list American depository shares on the NYSE or the Nasdaq under the ticker symbol TME. Tencent Music Entertainment counts Tencent Holdings Ltd. as its controlling shareholder. The company grew revenue by 92% in the first six months of the year relative to a year earlier, to the equivalent of $1.3 billion. Earnings per share climbed 273% over that period, to an equivalent of 8 cents. Tencent Music Entertainment calls itself the largest music entertainment platform in China and says it operates the top four music-oriented apps in the country, based on monthly active users. It runs a music-streaming platform and also provides online karaoke services. The filing comes as the Renaissance IPO ETF is up 5.8% on the year and the S&P 500 has gained 9.6%.
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