Tencent Music may delay plans for Hong Kong listing- PingWest
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Tencent Music may delay plans for Hong Kong listing
August 17, 2021 4:45 amTencent Music may delay its secondary listing in Hong Kong amid market volatility and China's crackdown on big tech companies.
Details: Tencent Music's shift comes after rival Cloud Village, the music streaming unit of gaming giant NetEase, decided last week to delay its IPO in Hong Kong.
Citing two people familiar with the transaction, Nikkei Asia reported that management is leaning toward putting off Hong Kong IPO until next year, when the market and regulatory pressures may have eased.
"A listing this year is still technically possible, but increasingly it is looking like it will be difficult to meet the deadline," said one of the people.
In February, Bloomberg reported that Tencent Music has selected banks to arrange its planned second listing in Hong Kong, which could raise as much as $5 billion. The company raised $1.1 billion in New York in 2018.
Context: Last month, Tencent Music was ordered to give up all exclusive music streaming rights within 30 days and fined 500,000 yuan ($64,260) for unfair market practices.
According to the State Administration of Market Regulation, the music streaming unit of Tencent previously held more than 80% of exclusive music library resources in China.
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