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CHINA'S TENCENT TO LAUNCH U.S. IPO

Without providing a time frame or any details, Chinese conglom Tencent announced on Monday that it will spin off its music streaming unit via an IPO on a U.S. stock exchange.

The Stock Exchange of Hong Kong Limited has accepted Tencent’s proposal to spin off its Tencent Music platform in China. Tencent has a market value of around $480b; its music division is said to be valued at around $30b.

Tencent has exclusive deals with Sony Music, Universal Music Group and Warner Music Group, and is allowed to cherry pick songs that other services in China are allowed to stream. It has about 600m users, 15m of whom are paying subscribers.

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