Tencent Holdings Ltd.’s new headquarters stand under construction in Shenzhen, China. (Photographer: Qilai Shen/Bloomberg)

Tencent Music Considers Launching U.S. IPO Early December

(Bloomberg) -- Tencent Music Entertainment Group, the online-music arm of China’s largest social-media company, tentatively plans to start taking investor orders on Dec. 4 for its planned U.S. initial public offering, according to people with knowledge of the matter.

The music-streaming firm aims to begin trading Dec. 12 in New York, the people said, asking not to be identified because the information is private. Timing of the offering hasn’t been finalized and could change depending on market conditions, the people said.

A deal from the Tencent Holdings Ltd. unit would add to the $7.9 billion of first-time share sales from Chinese companies in the U.S. this year, more than double the same period in 2017, data compiled by Bloomberg show. The year’s biggest China IPO in New York came from Netflix-style video streaming service iQiyi Inc., which raised $2.4 billion in March, the data show.

Tencent Music declined to comment in an emailed statement.

The company listed its IPO size as $1 billion in a filing with the U.S. Securities and Exchange Commission in early October. The amount is a placeholder and may change. Bank of America Corp., Deutsche Bank AG, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley are arranging the share sale.

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