Tencent Music planning Hong Kong debut as quickly as subsequent week — sources

HONG KONG (Sept 14): Tencent Music Leisure Group is urgent forward with its Hong Kong itemizing plans with a aim to start out buying and selling within the Asian monetary hub as quickly as subsequent week, in accordance with individuals conversant in the matter.

The Shenzhen-based firm, whose shares already commerce in New York, is working with advisers on the preparations for its second itemizing, the individuals stated. Advertising actions may begin as early as within the coming days, stated the individuals, who requested to not be recognized as the data is personal.

Deliberations are ongoing and particulars of the itemizing together with timeline may nonetheless change, the individuals stated. A consultant for Tencent Music didn’t instantly reply to requests for remark.

Tencent Music in March stated it deliberate to pursue a secondary itemizing in Hong Kong, becoming a member of a flurry of Chinese language companies looking for different itemizing as escalating Sino-US tensions gasoline delisting dangers. The itemizing within the Asian monetary hub could be by means of introduction, which means it won’t promote new shares or elevate cash.

Tencent Music raised about US$1.07 billion (RM4.84 billion) in a US preliminary public providing in 2018. Shares of Tencent Music have tumbled by about 31% this 12 months, giving it a market worth of about US$8 billion.