Tencent Music aims to raise $1 billion by going public in the US

Tencent Music aims to raise  billion by going public in the US

This story originally published on October 2, 2018.

New York CNN Business —  

Tencent Music has filed plans to go public in the United States in what could be one of the biggest recent US IPOs by a Chinese company.

The company set a placeholder target of $1 billion, which could value the company between $25 and $30 billion, according to its SEC filing.

That amount would mark the third largest Chinese IPO to list in the United States since the beginning of 2018, according to data provider Dealogic. The Netflix-like video platform iQIYI raised $2.3 billion and social shopping app Pinduoduo raised $1.6 billion.

Tencent Music dominates the music streaming market in China through its Spotify-like apps. The company revealed in its SEC filing that its music apps have more than 800 million…

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