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Tencent, the Chinese giant of social media and video game, proposed to separate its music streaming online business Tencent Music for a separate listing in the United States, which could also benefit Spotify, an investor in Tencent Music and its strategic partner in China
Tencent plans to split its majority Tencent Music Entertainment Group and register it separately in the US, said Tencent in a statement on the Hong Kong stock market on Sunday night.
confirmed that the company could proceed with the proposed spin-off, she adds.
The conditions of the split, including the size of the bid, the price range and the number of shares of Tencent Music that the current shareholders of Tencent will get. has not been finalized yet.
The spin-off is subject to the approvals of the relevant authorities and the final decisions of the boards of directors of Tencent and Tencent Music, said Tencent
. Percent of Tencent Music after a joint equity investment transaction in December that saw Tencent and Spotify take a stake in music streaming companies on the other. Tencent holds a 7.5% stake in Spotify.
According to the Spotify prospectus, the company valued its 9% stake in Tencent Music at 910 million euros (1.07 billion US dollars) at the end of last year . This results in an estimate of more than 12 billion US dollars for Tencent Music at that time
Spotify became public in New York in April, valued at nearly 30 billion US dollars.
A report from Sina.com, a news portal Sina Corp, said last week that investment banks for the US IPO of Tencent Music gave it a range conservative price, which valued Tencent Music between $ 29 billion and $ 31 billion
. Due to a retail frenzy for technology offerings in the second half of last year, China Literature's stock jumped more than 80 percent at the start of trading, after it attracted 625 times more investors than the demand of retail investors and has immobilized more than 520 billion Hong Kong dollars ($ 66.29 billion) of investment capital, about one-third of the money supply from Hong Kong.
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