Tencent Music Soars on New York Debut
Shares of Tencent Music Entertainment Group, China’s largest music streaming service, popped in their New York debut following the company’s $1.1 billion initial public offering.
The music unit of tech giant Tencent Holdings opened at $14.10 Wednesday on the New York Stock Exchange, jumping nearly 9% from the IPO price of $13.
The opening share price translates to a market capitalization of $23 billion for Tencent Music, which is on a par with the $23.35 billion market value of Spotify, the world’s largest music streamer. Tencent Music owns 2.5% of Spotify.
- 1Renowned Stanford Physicist Shoucheng Zhang Dies at 55
- 2Why Former Australian Leader Believes China is About to Outflank Trump on Trade
- 3China: Meng Wanzhou is a Chinese Citizen
- 4Update: Huawei CFO Arrested for Allegedly Violating U.S. Sanctions on Iran
- 5Arrested Huawei Executive Reportedly Linked to Firm That Once Tried to Sell U.S. Goods to Iran
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas