According to the announcement, Tencent's online music and entertainment business is intended to be split by way of independent listing of registered public offerings on US-listed stock exchanges, while its online music entertainment business is owned by Tencent's majority-owned subsidiary, Tencent Music Entertainment Group. At present, the Hong Kong Stock Exchange has confirmed that Tencent can carry out the proposed spin-off.
At present, the proposed spin-off is subject to the approval of the relevant authorities for the listing and trading of Tencent Music Securities and the final decision of Tencent's Board of Directors and Tencent Music's Board of Directors.
Actually, the Tencent music spin-off has been rumored. Last year, it was reported that Tencent Music will go to Hong Kong or go to the US to go public, and then rumors are more biased to go public in the United States.
Earlier this month, it was reported that Tencent Music was scheduled to submit an IPO application document to the US Securities Regulatory Commission on July 6th, officially launching the US listing process. At that time, Tencent Music Entertainment Group told Sina Technology that it would not comment on the rumors.
At the end of May, the Financial Times quoted people familiar with the matter as saying that Tencent Music Entertainment Group has hired Goldman Sachs, Morgan Stanley and Bank of America Merrill Lynch to lead the IPO and expects its valuation to exceed $30 billion.