Tencent, the Chinese online group, is not having a good year. Shares are off a third from their January peak. Regulators cracking down on technology companies recently forced the group to halt sales of the PC game Monster Hunter: World. A senior executive is defecting to a hedge fund. Add to that reports that the group will raise $2bn from a US initial public offering (IPO) of its Tencent Music Entertainment (TME) streaming business. This is less than the market had expected, although the targeted valuation of $30bn is said not to have changed. If true, Tencent would retain a larger stake than first thought. Analysts have struggled to come up with a valuation of their own, blaming limited disclosure. Filings for TME will provide more data in the coming weeks. TME and Spotify, the Swedish streaming group, acquired minority stakes in each other via a share swap in December. Mooted target worth would be in line with that of Spotify, whose shares have rallied a third since its IPO in Ap...

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