08 Jul 2018

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Tencent plans spinoff, US listing of online music business

Carol Zhong, Bloomberg

Tencent Holdings is planning to spin off its online music entertainment business and list its shares on a US bourse through a public offering, the company said in a filing to the Hong Kong stock exchange Sunday.

The terms of the proposal, including the size, price and range, have not yet been firmed up, the company said, adding it has mooted the idea to the Hong Kong stock exchange.

The music business is operated by its majority-owned unit, Tencent Music Entertainment Group, it said.

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