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China's Tencent set to raise USD 1 bln in IPO of music unit - report

Thursday 14 December 2017 | 08:58 CET | News
China's internet giant Tencent is set to raise at least USD 1 billion from an initial public offering of its music unit next year, according to unnamed sources cited by Bloomberg. The company's Tencent Music streaming and downloading service is underpinned by three separate platforms – QQ Music, KuGou and Kuwo – and already has twice as many paying customers as Spotify. No decision has yet been taken on where the unit will list, added the sources.

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Categories: Internet
Companies: Spotify / Tencent
Countries: China / World
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