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Tencent plans spinoff, US listing of online music business

Jul 08 2018 14:09

Carol Zhong, Bloomberg

A man walks past an advertisement at Hong Kong's international airport for the WeChat social media platform owned by China's Tencent company. (Photo: Richard A Brooks, AFP)

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Tencent Holdings is planning to spin off its online music entertainment business and list its shares on a US bourse through a public offering, the company said in a filing to the Hong Kong stock exchange Sunday.

The terms of the proposal, including the size, price and range, have not yet been firmed up, the company said, adding it has mooted the idea to the Hong Kong stock exchange.

The music business is operated by its majority-owned unit, Tencent Music Entertainment Group, it said.

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