This story initially printed on October 2, 2018.

The corporate set a placeholder goal of $1 billion, which may worth the corporate between $25 and $30 billion, in line with its SEC submitting.

That quantity would mark the third largest Chinese language IPO to record in america because the starting of 2018, in line with information supplier Dealogic. The Netflix-like video platform iQIYI raised $2.three billion and social purchasing app Pinduoduo raised $1.6 billion.

Tencent Music dominates the music streaming market in China by its Spotify-like apps. The corporate revealed in its SEC submitting that its music apps have greater than 800 million month-to-month lively customers. Spotify owns a 9% stake in Tencent Music.

The leisure subsidiary of Tencent reported a revenue of $263 million for the primary six months of 2018, with income of $1.three billion.

“We are pioneering the way people enjoy online music and music-centric social entertainment services,” it stated in a submitting, including that it predicts the variety of folks that pay for music in China will “more than quadruple between 2017 and 2023.”

The image can be TME, however the firm hasn’t but determined which itemizing change to commerce. It may select both the Nasdaq or the New York Inventory Alternate.

CNN first reported that Tencent Music was mulling an IPO in america in July.

Tencent Music’s IPO follows a flurry of massive listings by Chinese language tech corporations in current months, together with smartphone maker Xiaomi and on-line providers supplier Meituan Dianping.