Oct 2, 2018 - Economy
Tencent Music files for U.S. IPO
Tencent Music, the Chinese music streaming company, has filed to go public in the U.S., according to an SEC filing.
Why it matters: Tencent Music is the latest Chinese tech company to file for a U.S. offering.
- 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.