July 8, 2018 / 2:57 PM / 2 months ago

Tencent says to spin off online music unit in U.S.

HONG KONG, July 8 (Reuters) - Tencent Holdings Ltd has submitted a proposal to the Stock Exchange of Hong Kong to seek a separate listing of its online music entertainment business on a recognized stock exchange in the United States.

“The Stock Exchange has confirmed that the company may proceed with the proposed spin-off,” Chairman Ma Huateng said in a filing to the Hong Kong bourse on Sunday.

The Chinese internet giant said it would seek a separate listing of its online music entertainment business operated by its majority-owned Tencent Music Entertainment Group by way of an initial public offering. It gave no further details on venue of the listing in the U.S. (bit.ly/2J52UxP)

Terms of the proposed spin-off, including offering size, price range and entitlement of Tencent Music securities for the company’s shareholders, have not yet been finalized, Tencent said. Further statements will be made, it added.

Reporting by Donny Kwok Editing by Keith Weir

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