By Jon Russell
This year has seen a number of tech companies that are majority or substantially owned by Chinese giant going public in the U.S. Baidu’s iQiyi service, Xiaomi-backed Huami and Viomi are a few examples, and now Tencent Music — the music division of Tencent, as you can guess — is making its run after plenty of speculation.
TME — Tencent Music Entertainment — filed initial paperwork to go public in the U.S. (exchange not specified) overnight and the initial target is a $1 billion raise, although that is subject to change. We know that Tencent Music is valued at least at $12 billion, based on data from Spotify’s IPO earlier this year, so it’ll be interesting to note how much that rises from this listing.
Hardly a startup, TME is a spunout subsidiary that houses four Tencent music streaming services, Q Music, Kugou Music, Kuwo Music and WeSing. Those include orthodox streaming services, karaoke apps and live-streaming services. They are generally recognized to be China’s top four music apps and together they claim over 800 million monthly users.
Source: Tech Crunch