Tencent Holdings Ltd has submitted a proposal to the Stock Exchange of Hong Kong seeking a separate listing of Tencent Music, its online music entertainment business, on a US stock exchange. The HKEX has confirmed that Tencent can proceed with the proposed spin-off. The terms of the spin-off have not been finalized yet.

The listing could value Tencent Music at over $30 billion, slightly lower than the Swedish online music juggernaut Spotify’s market value of $31 billion. Tencent Music could become the fourth largest (in Chinese) technology company by market value to list in the US.

According to Bloomberg’s earlier report, Tencent Music has selected banks to advise on the US IPO and that it is reportedly seeking to raise at least $1 billion.

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Nicole Jao

Nicole Jao is a reporter based in Beijing. She’s passionate about emerging trends, news, and stories of human interest within the world of technology. Connect with her on Twitter or via email: nicole.jao.iting@gmail.com.