China's Tencent music files for big US share offering
Tencent Music, the largest Chinese streaming platform, filed for a US share offering Tuesday seeking to raise at least USD 1 billion in what could be among the largest tech share offerings to date.
The platform controlled by Chinese technology giant Tencent gave no details on pricing, but some reports said the valuation could be $25 billion or more.
The initial public offering paperwork with the Securities and Exchange Commission said Tencent Music has some 800 million active users and six-month revenues of USD 1.3 billion in the first six months of 2018.
Tencent's platforms across China include QQ Music, a start-up streaming service similar to Spotify and which have rights to stream songs from US-based Warner Music, among others.
"We are the largest online music entertainment platform in China, operating the top four music mobile apps," the filing said.
"Our platform comprises our online music, online karaoke and music-centric live streaming services, supported by our content ...