One Of China’s Biggest Music Streaming Companies Plans U.S. IPO

Tencent-affiliated China Music Corp. (CMC), the company behind online music services Kugou and Kuwo, is planning a U.S. listing, possibly before the end of the year.

According to sources who spoke to the Wall Street Journal, the company has hired Goldman Sachs Group and Morgan Stanley for the IPO which could range between $300-600 million USD.

In January this year Kugou and Kuwo inked a syndication deal with with QQ Music, the leading music streaming service from Tencent. Under the deal the two CMC companies gained the rights to over one billion songs exclusively distributed by QQ Music within China.

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