Tencent Holdings announced today that it is recommended to spin off Tencent Music Entertainment Group and go to the US alone.
At present, Tencent has submitted a proposal to the Hong Kong Stock Exchange (SEHK) for the proposed spin-off of its online music and entertainment business, and is listed on the US-listed stock exchange through a registered public offering.
The Stock Exchange has also confirmed that Tencent's music business can be proposed for spin-off.
Earlier reports said that Tencent Music secretly submitted an IPO application document to the US Securities Regulatory Commission on July 6, officially launching the US listing process, with a market capitalization of more than $30 billion.
Tencent Music's revenue in 2016 was nearly RMB 5 billion, and its net profit was nearly RMB 600 million. In 2017, its revenue exceeded RMB 9.4 billion, and its net profit exceeded RMB 1.88 billion. It is estimated that its revenue will exceed RMB 17 billion in 2018 and its net profit will reach RMB 3.65 billion.
Tencent Music owns QQ Music, Cool Dog Music, Cool Music Three Music Players, among which QQ Music, Cool Dog Music has been the number of active users in the Mainland.
Tencent Holdings announced today that it is recommended to spin off Tencent Music Entertainment Group and go to the US alone.
At present, Tencent has submitted a proposal to the Hong Kong Stock Exchange (SEHK) for the proposed spin-off of its online music and entertainment business, and is listed on the US-listed stock exchange through a registered public offering.
The Stock Exchange has also confirmed that Tencent's music business can be proposed for spin-off.
Earlier reports said that Tencent Music secretly submitted an IPO application document to the US Securities Regulatory Commission on July 6, officially launching the US listing process, with a market capitalization of more than $30 billion.
Tencent Music's revenue in 2016 was nearly RMB 5 billion, and its net profit was nearly RMB 600 million. In 2017, its revenue exceeded RMB 9.4 billion, and its net profit exceeded RMB 1.88 billion. It is estimated that its revenue will exceed RMB 17 billion in 2018 and its net profit will reach RMB 3.65 billion.
Tencent Music owns QQ Music, Cool Dog Music, Cool Music Three Music Players, among which QQ Music, Cool Dog Music has been the number of active users in the Mainland.
