Hong Kong — Chinese internet giant Tencent Holdings was planning to spin off its online music entertainment business and list its shares in the US through an initial public offering (IPO), the company said in a filing with the Hong Kong stock exchange on Sunday. Tencent, China’s largest social media and gaming company, said terms of the proposal, including size, price and range, had not yet been finalised. Tencent Music Entertainment Group had picked banks to advise on a planned IPO in the US that could raise at least $1bn, people with knowledge said in May. The announcement follows a similar move by Tencent in 2017 in Hong Kong with its online reading business, China Literature. Its music platforms — QQ Music, KuGou and Kuwo — are becoming important vehicles for pop stars such as Katy Perry and Rihanna to reach a Chinese audience, alongside homegrown artists such as Jason Zhang and Joker Xue. Tencent has the advantage of a fully developed entertainment and content empire that encom...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now