Tencent to spin-off online music unit Tencent Music in US
The Chinese internet giant said it would seek a separate listing of its online music entertainment business.
Tencent has submitted a proposal to the Stock Exchange of Hong Kong to seek a separate listing of its online music entertainment business on a recognized stock exchange in the United States.
“The Stock Exchange has confirmed that the company may proceed with the proposed spin-off,” Chairman Ma Huateng said in a filing to the Hong Kong bourse on Sunday.
The Chinese internet giant said it would seek a separate listing of its online music entertainment business operated by its majority-owned Tencent Music Entertainment Group by way of an initial public offering. It gave no further details on the venue of the listing in the US.
Terms of the proposed spin-off, including offering size, price range and entitlement of Tencent Music securities for the company’s shareholders, have not yet been finalized, Tencent said. Further statements will be made, it added.