Chinese internet giant Tencent has plans to spin off its online music business, listing the unit on a stock exchange in the US.
In a filing to the Hong Kong stock exchange, Tencent said that the size of the offering, the price range, and further details had not yet been finalised but that it would make further announcements regarding the spin off “as and when appropriate”.
Tencent Music is China’s biggest music streaming service and, much like Spotify in the US, has helped music sales grow back toward what they were in previous pre-2000s eras.
Back in December 2017, Tencent struck a deal with Spotify that saw the Stockholm-based music streaming service pick up shares in Tencent Music, while both Tencent Music and Tencent secured minority stakes in Spotify.
Meanwhile, Spotify itself filed to go public on the New York Stock Exchange earlier this year – ending its first day of trading at a $26.5bn valuation.