Chinese internet giant Tencent is seeking to spin off and list its online music business in the U.S.
The proposed listing is a sign that the once-flagging online music industry is getting back on track as more listeners take to streaming music through smartphone apps even as companies battle piracy and try to sign up more paying customers.
The U.S. listing is a blow to Hong Kong’s ambitions of getting more technology companies into the city’s bourse by loosening listing regulations.
Tencent Music is seeking an initial public offering worth up to $4 billion, valuing it at about $25 billion.