Oct 2, 2018

Tencent Music files for U.S. IPO

Tencent Music's music streaming apps. Photo: Chesnot/Getty Images

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 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.

Go deeper: Musicians celebrate new bill that lets them get paid

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Special report: Health care workers vs. coronavirus

Photo Illustration: Sarah Grillo/Axios. Photos: Angela Weiss/AFP via Getty Images, Bruce Bennett/Getty Images, and Europa Press News/Europa Press via Getty Images

Health care workers are at an especially high risk of catching the coronavirus, because of their prolonged exposure to patients who have it. Making matters worse, the U.S. doesn't have enough of the protective equipment, like masks and gloves, that keeps them safe.

  • And yet these workers, with loved ones of their own, keep showing up at hospitals across the country, knowing that more Americans than they can possibly care for are depending on them.
Go deeperArrow40 mins ago - Health

Backed by the Fed, bond investors get bullish

Illustration: Sarah Grillo/Axios

The Fed's massive injections of liquidity have reopened much of the bond market, and after back-to-back weeks in which more than $100 billion flowed out of bond funds, investors have regained their bearings and now see opportunity.

What's happening: But after the hemorrhaging outflows relented last week, bulls may now be sticking their heads out a bit too far. Junk bond funds took in more than $7 billion for the week ended April 1, according to Refinitiv Lipper, setting a new weekly record.

What top CEOs fear telling America about the coronavirus shutdown

Illustration: Eniola Odetunde/Axios

Top CEOs, in private conversations and pleas to President Trump, are warning of economic catastrophe if America doesn't begin planning for a phased return to work as soon as May, corporate leaders tell Axios.

Why it matters: The CEOs say massive numbers of companies, big and small, could go under if business and government don't start urgent talks about ways groups of workers can return.