Chinese Internet giant Tencent Holdings Ltd. is planning to spin off its online music entertainment business and list its shares in the U.S. through a public offering, the company said in a filing to the Hong Kong stock exchange Sunday.
Tencent, China’s largest social media and gaming company, said terms of the proposal, including size, price and range, have not yet been finalized.
Tencent Music Entertainment Group has picked banks to advise on a planned initial public offering in the U.S. that could raise at least $1 billion, people with knowledge of the matter told Bloomberg in May.
Among Tencent’s music operations is Joox, a music streaming service which launched in South Africa last year.
Joox offers free and paid tiers – with its “VIP” service priced at R29.99 per week, or R59.99 per month – available on iOS and Android devices.