This story originally published on October 2, 2018.
That amount would mark the third largest Chinese IPO to list in the United States since the beginning of 2018, according to data provider Dealogic. The Netflix-like video platform iQIYI raised $2.3 billion and social shopping app Pinduoduo raised $1.6 billion.
The entertainment subsidiary of Tencent reported a profit of $263 million for the first six months of 2018, with revenue of $1.3 billion.
“We are pioneering the way people enjoy online music and music-centric social entertainment services,” it said in a filing, adding that it predicts the number of people that pay for music in China will “more than quadruple between 2017 and 2023.”
The symbol would be TME, but the company hasn’t yet decided which listing exchange to trade. It could choose either the Nasdaq or the New York Stock Exchange.
Tencent Music’s IPO follows a flurry of big listings by Chinese tech companies in recent months, including smartphone maker Xiaomi and online services provider Meituan Dianping.