BEIJING, May 4 (Xinhua) --Tencent Music Entertainment Group, China’s largest music-streaming company, has invited a number of investment banks to bid next week for a U.S. initial public offering worth up to 4 billion U.S. dollars, foreign media reported recently.
Tencent Music planned to be listed before the end of this year, with the scale of funding between 3 billion and 4 billion US dollars and the valuation of about 25 billion US dollars, Thomson Reuters IFR reported recently citing people familiar with the plans.
The report said that Tencent spokesperson did not comment on the IPO plan.
Tencent Music began to achieve full profitability in the second half of 2016 after the merger of China Music Group and QQ Music, sources said.
The company saw its net profit exceed 1.6 billion yuan in 2017, and its net profit is expected to double in 2018. (Edited by Yang Yifan, yangyifan@xinhua.org)
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