Chinese web giant Tencent will officially float its music division on the US stock market in October, according to tech blog IPO Zaozhidao.
The company previously confirmed its intentions regarding Tencent Music in a statement issued on the Hong Kong stock exchange in July. Citing an unnamed source, China-based IPO Zaozhidao says an official filing will now be made on 7 Sep, with trading set to begin on 18 Oct, with a valuation of between $29 billion and $31 billion. The shares are reportedly set to be underwritten by Morgan Stanley and Goldman Sachs.
The main Tencent business is listed in Hong Kong. It’s thought that the web firm had originally considered spinning off its music business via an IPO on the same stock exchange, but by earlier this year had decided to list in the States instead.
That was possibly partly influenced by Spotify’s decision to list on the New York Stock Exchange and partly by recent regulatory changes in Hong Kong. Spotify and Tencent have an alliance, of course, with the two companies each having equity in the other following a share swap deal late last year.
Tencent’s music division operates the market-leading streaming services in China, including QQ Music, as well as owning and distributing music catalogues in the region.
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