Files from Tencent's online music unit for the list of US IPOs

Tencent Music Entertainment Group officially filed with regulators Tuesday a list in the United States, under the symbol "TME", of what could be the largest US IPO by a Chinese company.

The IPO of the music branch of Chinese technology giant Tencent Holdings comes as the global online music industry gets back on track with more listeners spreading music via smartphone applications, even as companies battle piracy and try to recruit more paying customers.

Tencent Music includes digital streaming applications such as Spotify, QQ Music, Kugou, and karaoke, WeSing, and is seeking a value of approximately $ 25 billion, according to Thomson Reuters IFR.

The company has set a reserved amount of $ 1 billion to indicate the size of the IPO.

The amount of money that a company says it wants to collect in its first IPO deposits is used to calculate the registration fees. The final size of the IPO could be different.

Spotify Technology SA, the market leader, made its debut in April and its shares rose by almost 13% on the first trading day.

The main shareholders of Tencent Music are its parent company Tencent (58.1%) and Spotify (9.1%).

Chinese companies have already raised $ 5.9 billion through their entry into the United States since the beginning of the year – a record for all years, according to Thomson Reuters data.

According to its price, Tencent Music could be the biggest this year, ahead of the $ 2.4 billion raised by the iQIYI video streaming service provider in March.

In its regulatory filings with the Securities and Exchange Commission, Tencent Music reported a $ 263 million profit on $ 1.30 billion in sales for the six-month period ended June 30.

Bank of America, Deutsche Bank, Goldman Sachs (Asia), JPMorgan and Morgan Stanley are among the main underwriters of the public offering.

The US listing is a blow to Hong Kong's ambitions to bring more technology companies into the city's stock market by easing the regulation of listing, but the new rules do not yet allow companies to enjoy weighted votes.