Tencent Music Entertainment plans $ 5 billion secondary listing in Hong Kong

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Tencent Music Entertainment (NYSE: TME) has chosen JPMorgan Chase and Morgan Stanley to organize its secondary listing on the Hong Kong Stock Exchange, which is expected to take place this year, and in which it plans to raise up to $ 5 billion, Bloomberg reported on Friday, citing confidential sources. More banks could be added to the share sale and the details including size and timing could still change, he said.

TME, the music arm of Chinese tech titan Tencent, is the operator of music streaming apps Music, Kugou, Kuwo Music, as well as karaoke app WeSing. It went public in the United States at the end of 2018 after obtaining $ 1.1 billion, and its stock price has more than doubled to $ 25 since then, reaching a market cap of $ 42.31 billion.

With 646 million monthly active users for its online music services and 235 million on social entertainment apps, the company released total turnover of 7.58 billion RMB (1.12 billion USD) for the third quarter of 2020, up 16.4% year on year.

Kuaishou short video application (HKEX: 1024), which is backed by Tencent, raised $ 5.3 billion in Hong Kong’s largest public listing on Friday morning as its share price nearly tripled from HKD 115 to HKD 338 ($ 43.6) .


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