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Pony Ma Huateng, chairman and CEO of Tencent Music. Photo: Visual China Group/Getty Images

China's largest music streaming company, Tencent Music Entertainment Group, is preparing an IPO that could be one of the biggest ever recorded for a tech company, reports the Wall Street Journal.

Why it matters: The group's listing shows that public offerings are continuing to build steam in the tech world and it could be one of the largest deals of 2018, potentially raising as much as $25 billion.

  • "The initial public offering, potentially coming in the second half of 2018, would be one of the largest deals of the year and is expected to raise billions."
  • "Tencent Music is expected to list in the U.S., but it is unlikely to make a final venue decision for several months."
  • "Tencent Music’s offering could value the business in excess of $25 billion ... Should investors give it that valuation in its IPO pricing, it would be the fourth-biggest U.S.-listed tech IPO on record."

Go deeper

Biden names Erika Moritsugu as senior AAPI liaison

Erika Moritsugu. Photo courtesy: National Partnership for Women & Families

President Biden has named Erika Moritsugu as deputy assistant to the president and Asian American and Pacific Islander senior liaison, the White House announced Wednesday.

Driving the news: The decision follows weeks of pressure from AAPI leaders to include more Asian American representation at the Cabinet level and in senior administration roles.

Matt Gaetz targets CNN in new ad amid sexual misconduct claims

Rep. Matt Gaetz in Doral, Florida, last week. Photo: Joe Raedle/Getty Images

Rep. Matt Gaetz (R-Fla.) announced Wednesday a six-figure ad buy for a spot that takes aim at CNN as part of an offensive to hit back at mounting sexual misconduct allegations, Politico first reported.

Driving the news: Gaetz is under federal investigation following sex trafficking allegations, and the House Ethics Committee has also opened an inquiry. Announcing the 30-second ad, to run in his Florida Panhandle district, Gaetz called on his Twitter followers to "help us fight back!"