BEIJING (dpa-AFX) - Tencent, one of the largest tech company in China, is planning to spin off its online music business and list its shares in the U.S.
Tencent, in a statement, said it will list its online music entertainment business Tencent Music Entertainment Group on a US stock exchange. The company, however, did not provide any details on the size of offering. But, recent rumors indicate that the company values Tencent Music at more than $30 billion.
'The terms of the Proposed Spin-off, including offering size, price range and assured entitlement of Tencent Music securities for shareholders of the company, have not yet been finalized,' the company said in a statement.
According to CNN, Tencent Music currently dominates the music streaming market in China through its QQ Music, KuGou and Kuwo platforms. It has around 600 million users, although only about 15 million of them are paying subscribers.
Copyright RTT News/dpa-AFX