In Depth: Chinese Investors May Finally Taste Forbidden Fruit
Tencent Music Entertainment (TME) is China’s answer to Spotify. But when the music streaming service goes public later this year, almost none of its 800 million users will be able to buy its shares. That’s because TME is conducting its initial public offering (IPO) 13,000 kilometers (8,060 miles) away on the Nasdaq stock exchange in New York.
The Shenzhen-based company can’t list on either of China’s two stock exchanges — in Shanghai and Shenzhen — because of a myriad of regulatory barriers and legal constraints that have shut it out of the domestic market. The country’s top food delivery service app, Meituan Dianping, which raised $4.2 billion in one of the top five global IPOs this year, faced the same problem and chose to float its shares in Hong Kong.
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