Apr 23, 2018

Tencent Music plans one of biggest IPOs ever

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

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 857,487 — Total deaths: 42,107 — Total recoveries: 178,034.
  2. U.S.: Leads the world in confirmed cases. Total confirmed cases as of 9 p.m. ET: 188,172 — Total deaths: 3,873 — Total recoveries: 7,024.
  3. Business updates: Should you pay your rent or mortgage during the coronavirus pandemic? Find out if you are protected under the CARES Act.
  4. Public health updates: More than 400 long-term care facilities across the U.S. report patients with coronavirus — Older adults and people with underlying health conditions are more at risk, new data shows.
  5. Federal government latest: President Trump said the next two weeks would be "very painful," with projections indicating the virus could kill 100,000–240,000 Americans.
  6. U.S.S. Theodore Roosevelt: Captain of nuclear aircraft carrier docked in Guam pleaded with the U.S. Navy for more resources after more than 100 members of his crew tested positive.
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

World coronavirus updates: UN warns of recession with "no parallel" to recent past

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens and confirmed plus presumptive cases from the CDC

The novel coronavirus pandemic is the "greatest test" the world has faced together since the formation of the United Nations just after the Second World War ended in 1945, UN chief António Guterres said Tuesday.

The big picture: COVID-19 cases surged past 856,000 and the death toll exceeded 42,000 Tuesday, per Johns Hopkins data. Italy reported more than 12,000 deaths.

Go deeperArrowUpdated 2 hours ago - Health

White House projects 100,000 to 240,000 U.S. coronavirus deaths

President Trump said at a press briefing on Tuesday that the next two weeks in the U.S. will be "very painful" and that he wants "every American to be prepared for the days that lie ahead," before giving way to Deborah Birx to explain the models informing the White House's new guidance on the coronavirus.

Why it matters: It's a somber new tone from the president that comes after his medical advisers showed him data projecting that the virus could kill 100,000–240,000 Americans — even with strict social distancing guidelines in place.

Go deeperArrowUpdated 3 hours ago - Health