China Mobile Scandal Puts Pressure on Myoo Music IPO

The upcoming listing of Myoo Music Entertainment, a major online music provider of China Mobile, may be put on hold in the wake of a corruption scandal at the telecom operator. Caixin learned that the company has started to accept withdrawals from its strategic shareholder agreements. Sources say the listing plan may be cancelled.

Myoo Music, China Mobile's online music provider, is close to launching an initial public offering on China's Growth Enterprise Market in Shenzhen this year. Myoo Music has already completed two rounds of fund-raising.