**Breaking News: Chinese Music Giant Eyes US IPO**
In a move that could shake up the music streaming industry, Tencent Music, a leading Chinese entertainment company, has filed plans to go public in the United States. The initial public offering (IPO) could raise up to $1 billion, valuing the company between $25 billion and $30 billion.
This would make Tencent Music one of the largest Chinese companies to list in the US since the start of 2018, rivaling recent IPOs by iQIYI and Pinduoduo. The company’s music streaming apps, similar to Spotify, boast an impressive 800 million monthly active users, dominating the Chinese market.
Tencent Music’s financials are equally impressive, with a profit of $263 million in the first half of 2018 and revenue of $1.3 billion. The company predicts that the number of paid music subscribers in China will quadruple between 2017 and 2023.
With a planned stock symbol of TME, Tencent Music is still deciding between the Nasdaq and New York Stock Exchange for its listing. This IPO follows a string of high-profile listings by Chinese tech companies, including Xiaomi and Meituan Dianping.
Tencent Music’s move into the US market is seen as a significant step forward for the company, which has been expanding its music-centric social entertainment services. With Spotify holding a 9% stake in the company, this IPO is expected to make waves in the music streaming industry.
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