Investing.com – Tencent Holdings’ (HK:) subsidiary Tencent Music Entertainment Group is postponing its IPO thanks to the recent global sell-off, according to The Wall Street Journal.
Tencent Music reportedly planned to start its roadshow next week and planned to begin trading the following week, but postponed it until November amid concerns of the recent slide in the global stock markets, leading to dumping of equities.
According to the company’s prospectus earlier this month, Tencent Music was seeking an IPO in New York for $1 billion, down from the $2 billion reported in Reuters’ report in September citing sources close to the deal.
The largest Chinese music streaming company owns music service providers QQ Music, KuGou, Kuwo and WeSing.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.