Tencent Music files for U.S. IPO

The deal:

• The company will list its shares on the Nasdaq and New York Stock Exchange under the symbol "TME."
• Tencent Music is offering an undisclosed number of American depositary shares at a price it has also not named yet.
• The company says it's profitable. In the six months ended June 30, 2018, it had a profit of $263 million on $1.3 billion in revenue.
• Tencent Music has 800 million unique monthly active users in China, who stream more than 70 minutes of music per day. The service is not available in the U.S.

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