Hong Kong — Tencent Music Entertainment has delayed its planned US initial public offering (IPO) until at least November, to wait for global stock markets to stabilise, three sources said. The music arm of tech giant Tencent, owner of China’s most popular music apps, is expected to raise at least $2bn and was originally planning to launch its offering as soon as next week, the sources said. However, Wall Street on Wednesday suffered its worst one-day drop in eight months, with the S&P 500 down 3.29%. The index dropped a further 2.06% on Thursday. “Are they really going to launch into this window?” asked one source involved in the deal, adding that the company had plenty of cash. “Why try and jam something out now?” Chinese shares have also fallen, with the CSI 300 index of mainland Chinese blue-chips down 4.8% to a 27-month low on Thursday. “Given the recent challenging market conditions, it won’t be a good idea for the company to go ahead with the listing timetable. It makes more s...

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