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China's biggest streaming-music service is reportedly postponing its US IPO because of stock-market volatility

China's biggest streaming-music service is reportedly postponing its US IPO because of stock-market volatility
Stringer/REUTERS



Tencent Music is reportedly delaying its US initial public offering because of stock-market volatility.




The offering could value the business in excess of $25 billion, making it one of the biggest IPOs ever for a technology company.




US markets just suffered their steepest drop since February as concerns about rising interest rates and trade tensions sparked a sharp sell-off.




Tencent Music’s parent company Tencent has had more than $200 billion of market value wiped out since February.



Tencent Music Entertainment is reportedly delaying its US initial public offering because of the recent stock-market volatility.
The IPO, which was initially scheduled for October 18, will be postponed until at least November, The Wall Street Journal reported on Thursday, citing sources familiar with the matter. The offering could value the business in excess of $25 billion, making it one of the biggest IPOs ever for a technology company.
The China-based streaming-music service already met with its underwriting team this week to discuss the price range for its IPO, but they decided to wait several weeks on worries that the recent market sell-off could weigh on the pricing, The WSJ added.
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