DBL Limited In Hong Kong Discusses Tencent Music U.S. IPO
The prospect of a Tencent Music flotation has been floating around since last year.
- (1888PressRelease) August 28, 2018 - Tencent, the Chinese tech powerhouse, has officially announced its intention to list its music-streaming business in the U.S.
Now Tencent has made the plan official, saying that it intended to spin off Tencent Music and list it in the U.S.
Tencent said the company is likely to achieve a valuation in the range of $29-31 billion.
That’s quite similar to Spotify’s $30 billion valuation at the time of it’s IPO in April. While Spotify and Tencent Music are rivals of a sort, they are also partners—Tencent Music owns 7.5% of Spotify, which in turn owns 9% of Tencent Music.
Tencent Music’s various apps have around 700 million users in China, though only 15 million are paying subscribers.
Brian Wu of DBL Limited remembers when Tencent spun out and listed—in Hong Kong. Its ebook unit last year, raised $1.1 billion.
“A Tencent Music IPO in USA will be an interesting thing to watch and we’ll be watching this one closely” says Wu of DBL Limited.
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