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Tencent says to spin off online music unit in US
[HONG KONG] Tencent Holdings has submitted a proposal to the Stock Exchange of Hong Kong to seek a separate listing of its online music entertainment business on a recognised stock exchange in the United States.
"The Stock Exchange has confirmed that the company may proceed with the proposed spin-off," chairman Ma Huateng said in a filing to the Hong Kong bourse on Sunday.
The Chinese internet giant said it would seek a separate listing of its online music entertainment business operated by its majority-owned Tencent Music Entertainment Group by way of an initial public offering. It gave no further details on venue of the listing in the US.
Terms of the proposed spin-off, including offering size, price range and entitlement of Tencent Music securities for the company's shareholders, have not yet been finalised, Tencent said. Further statements will be made, it added.