BEIJING (dpa-AFX) - Tencent Music Entertainment Group, the largest music streaming service in China, is planning for its initial public offering this year, which could give it a valuation of more than $25 billion.
According to WSJ, Tencent Music, which is controlled by Chinese internet giant Tencent Holdings Ltd., plans to interview potential underwriting banks over roughly the next month.
Spotify had bought a 9 percent stake in Tencent music few month ago that gave it a valuation of $12.5 billion. Market experts now expect Tencent Music's IPO to double that valuation. Tencent Music owns nearly 10% of Swedish streaming giant Spotify.
Tencent Music's IPO is expected to be in the second half of 2018 and the company might list its shares in the U.S.
Copyright RTT News/dpa-AFX
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