Tencent Music Postpones IPO Due to Global Sell-Off

© Reuters. © Reuters.

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.

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