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Deepti Sri · · 1 min readTencent Music may delay plans for $5b Hong Kong listing
“Tencent Music Entertainment Group‘s plans to sell up to US$5 billion in shares while acquiring a listing in Hong Kong by the end of the year are fading amid market volatility and China’s crackdown on online platforms,” Nikkei reported, citing sources familiar with the issue.
Details:
- Tencent’s music-streaming arm could postpone selling its shares to the public until next year when market volatility and regulatory pressures may have eased, said the sources.
- The audio platform’s US-listed shares have plunged about 70% since reaching an all-time peak in March.
Dive deeper:
- China’s antitrust regulator is reportedly going to order the music-streaming unit to give up exclusive rights to music labels that it has used to compete with smaller rivals.
- Meanwhile, rival Cloud Village, a unit of gaming company NetEase, has recently won approval from the Hong Kong stock exchange for a listing.
Editing by Collin Furtado and Arpit Nayak
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