Briefing: Tencent Music said to file for US IPO today

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IFR:腾讯音乐今日提交美国IPO申请 – iThome

What happened: Tencent Music is reportedly planning to submit its IPO application today, seeking to raise up to $1.2 billion at a valuation of between $22 and 25 billion. According to Chinese media reports, the music streaming giant has set its IPO price at $13 to $15 and is expected to start trading on December 12.

Why it’s important: Tencent Music, the music arm of Chinese tech giant Tencent, filed for its highly anticipated IPO in early October but ultimately decided to push its debut until at least November due to unfavorable global stock market conditions. The company initially hoped to raise $2 billion at a valuation of up to $31 billion. Tencent Music owns a number of popular streaming apps including QQ Music and Kugou. Collectively, the company’s streaming services have over 700 million monthly active users with around 14 to 21 million subscribers.