Tencent's red-hot e-book IPO sets stage for music arm debut
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Hong Kong
CHINA Literature Ltd, the online reading unit helping Tencent Holdings Ltd build an entertainment empire, raised US$1.1 billion alongside existing investors in its Hong Kong initial public offering (IPO), according to people with knowledge of the matter.
The first-time share sale priced at the very top of a marketed range, the people said, asking not to be identified because the information is private. That confers upon the operator of the QQ Reading app - a service akin to Amazon.com Inc's Kindle - a market value of more than US$6 billion when it begins trading on Nov 8.
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