Chinese digital music giant Tencent Music went public in 2018 with an IPO on the New York Stock Exchange. Now, however, the company may be preparing a secondary offering in Hong Kong that could raise up to $3.5bn. That’s according to Nikkei Asia, which suggested that TME’s plans are part of a trend for Chinese companies that are publicly listed in the US to establish ‘fallback positions amid moves by Washington to push them out’.
The report added that Tencent Music could offer between 5% and 10% of its shares in the new Hong Kong listing, having spent the last year adding investments in other companies including Universal Music and Warner Music.
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