(Yicai Global) July 9 -- Tencent Holdings, China's largest social media and gaming operator, will untether its online music business to publicly list in the US, it confirmed yesterday, validating media reports earlier this week.
Hong Kong-listed Tencent issued a statement saying it had proposed to the Hong Kong Exchanges and Clearing the detachment of its online music entertainment business Tencent Music Entertainment Group, of which it is the majority shareholder, to go public in the United States alone.
Tencent Music has signed content licensing agreements with more than 200 international and domestic record labels. It boasts a product ecology comprising QQ Music, Kugou Music, Kuwo Music, WeSing, and Kugou Live, whose users may enjoy a full range of music experiences from listening, watching, singing and playing. QQ Music and Kugou Music have clung to the first and second positions, respectively, among music apps in mainland China per number of active users.
Tencent Music, Alibaba Music and NetEase Cloud Music under China's three Internet giants have staked out the lion's share of China's online music market.
Editor: Ben Armour