Tencent Music, the online-music arm of Chinese technology giant Tencent, filed for an initial public offering in a continuing surge of U.S. listings by Chinese companies.
Tencent Music listed its offering size as $1 billion with the U.S. Securities and Exchange Commission. The amount is a placeholder and may change.
The cash raised will go towards trying to edge out competitors.
Shares of Tencent Holdings rose 0.6 percent on Wednesday in Hong Kong, compared to a 0.4 percent gain in the benchmark Hang Seng Index.