What happened: Tencent Music submitted its IPO filing to the US Securities and Exchange Commission earlier this week. The company plans to list on the New York Stock Exchange and raise between $1.07 billion and $1.23 billion. It will sell 82 million American Depositary Receipts (ADRs) at between $13 and $15 each.
Why it’s important: The company initially filed for its IPO in October. However, to due unfavorable global stock market conditions, it decided to delay the process. It initially sought to raise $2 billion but has since downgraded its fundraising target. Sources told Reuters that Tencent Music was aiming to get listed this year because of fear over US-China trade tensions, and not because it desperately needed the money. The IPO could be one of the biggest by a Chinese company this year, falling behind iQiyi and Pinduoduo.