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CHINA'S STREAMING GIANT EYES AN IPO

China’s largest music-streaming company, Tencent Music Entertainment Group, is following the lead of Spotify and preparing an IPO that could value the company at more than $25b.

The Wall St. Journal reported that internet behemoth Tencent Holdings, the parent company of Tencent Music, will spend the next month interviewing banks that could underwrite the IPO.

Tencent Holdings is listed in Hong Kong, but the IPO could be listed in the U.S., a decision that is months away. The launch is could take place later this year.

Spotify bought a 9% stake in the company as part of a share swap late last year when Tencent Music was valued at $12.5b. After an up-and-down first week after its direct listing on 4/3, Spotify has seen a steady rise since opening at $149.50 on 4/13; the stock opens today at $158.45.

Tencent Music, created in mid-2016, has piqued investors’ interest as it dominates the marketplace with 700m monthly active users. Tech IPOs are generally popular as they often offer potential for growth once they receive the cash infusion of the stock listing. Stay tuned.

HITS LIST: AMPERSANDS
Dynamic duos (12/6a)
NEAR TRUTHS:
WINNING NOMINATIONS
I.B. Bad on music's biggest comeback (12/6a)
ON THE COVER: LADY GAGA & TONY BENNETT
It's De-Lovely. (12/6a)
CALLING THE PLAYS:
JOHN JANICK
We salute the winner and still champ. (12/6a)
SONG STREAMS:
'TIS THE SEASON
It's beginning to look a lot like Xmas. (12/6a)
CHESTNUTS
Roasting.
STOCKINGS
Stuffing.
PIPERS
Piping.
SANTA
Coming.
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