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TENCENT DELAYS IPO: REPORT

With global markets in a volatile state, China’s Tencent Music Entertainment Group is delaying its IPO until November or beyond, The Wall Street Journal reports.

The music-streaming company had planned to roll out the week of 10/22 but chose to delay after concerns about meeting the expected price range, the Journal reported. Tencent Music was expecting a valuation between $25b and $30b; it was valued last year at $12.5b.

China’s markets have been pounded recently, and the the growing trade squabbles between the U.S. and China have had an even greater imnpact on tech-related companies.

Tencent Music’s parent company, Tencent Holdings, has felt the sting: Its stock price is down 34% this year.

 

 

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