In brief: Tencent Music delays $2b IPO – sources

Tencent Music Entertainment has delayed its planned US initial public offering until at least November as the owner of China’s most popular music apps prefers to wait for global stock markets to stabilize, three sources said.

The music arm of tech giant Tencent Holdings is expected to raise at least US$2 billion and was originally planning to launch its offering as soon as next week, the sources said.

Source: Reuters

On Tuesday, October 10, Wall Street suffered its worst one-day drop in eight months, with the S&P plunging 3.29 percent. It fell a further 2.06 percent the following day.

At US$2 billion, Tencent Music’s IPO would be the largest IPO by a Chinese company in the US this year, behind video streaming iQiyi’s US$2.4 billion in March.