Tencent Music delays US$2b IPO

Business | Reuters 22 Nov 2018

Tencent Music Entertainment, China's answer to Spotify, has postponed its New York initial public offering to early 2019 amid weak mood towards tech stocks and ongoing market jitters ahead of next week's G20 meeting in Buenos Aires.

The music streaming arm of Tencent (0700) has more than 800 million monthly users, and had initially penciled in an October launch for a US IPO of up to US$2 billion (HK$15.66 billion), but decided last month to delay until November in the hope that markets would settle. Now, TME and its advisers have discussed pushing the deal into early 2019, according to two sources. No decision has yet been made, they added.

"Of course they want to get the deal done within the year, but meanwhile, they don't want to rush for the listing. What they care about a lot is (getting) the right valuation, rather than the fast pace of the listing," said one person involved.

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