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Tencent Music to delay $5 billion HK listing amid regulatory crackdown: report
source link: https://technode.com/2021/08/16/tencent-music-to-delay-5-billion-hk-listing-amid-regulatory-crackdown-report/
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Tencent Music to delay $5 billion HK listing amid regulatory crackdown: report
Aug 16, 2021Aug 16, 2021
Tencent Music Entertainment is considering postponing its plans to sell up to $5 billion in shares in Hong Kong until next year, Nikkei Asia reported, citing people familiar with the transaction. The New York-listed firm has arranged JPMorgan and Morgan Stanley for the secondary listing, but preparations have gone slow in recent days, the report said. Tencent Music’s shift came after its major rival NetEase’s Cloud Village delayed its listing in Hong Kong earlier this month, as the regulatory crackdown in China’s tech sector has resulted in a volatile market. [Nikkei Asia]
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