Tencent Weighs Music Spin-Off, Invests in Europe
Tencent, which owns the QQ line of internet services, is considering spinning off its online music division into a separate listing. Photo: IC
Tencent Holdings Ltd. said it is considering spinning off its online music division for a separate listing. Meanwhile, it has made two major new investments in Europe in the gaming and financial technology (fintech) sectors.
The diverse range of activities reflects Tencent’s own diversification from its roots as an online gaming and social networking company to also include finance, e-commerce and entertainment. On Wednesday, the company announced its profit nearly doubled in the fourth quarter of 2017, as its revenue rose by a strong 51% to 66.4 billion yuan ($10.5 billion).
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