Tencent Music is expected to submit an IPO filing to the United States Securities and Exchange Commission on September 7th and the final IPO date is slated for October 18th, one of the most cited WeChat accounts “IPO Zaozhidao” is reporting.

The listing is being underwritten by Goldman Sachs and Morgan Stanley. The IPO could value the company between $29 billion to $31 billion, on par with the Swedish online music juggernaut Spotify’s market value of $31 billion.

Tencent Music is the operator QQ Music, Kugou, and Kuwo. The three music streaming businesses claimed 254 million, 227 million and 111 million mobile users respectively in the first quarter of 2018, data from iResearch shows. Tencent Music controlled 78% of China’s music streaming market in 2017.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.