Caixin
Dec 04, 2018 07:25 PM
BUSINESS & TECH

Going Against the Flow, Tencent Raises Music Unit’s IPO Target

Tencent Music's revenue rose 70% in the third quarter to 4.94 billion yuan ($722 million). Photo: VCG
Tencent Music's revenue rose 70% in the third quarter to 4.94 billion yuan ($722 million). Photo: VCG

*Tencent raised the fundraising target of its music arm’s upcoming New York listing by over 20% to a maximum of around $1.23 billion

*The profitable unit’s revenue growth slowed in the third quarter of the year, going from a 92% year-on—year increase in the first half of 2018 to a 70% rise

(Beijing) — The music arm of internet giant Tencent Holdings Ltd. boosted the fundraising target for its upcoming U.S. listing by more than 20%, as it released updated financial information that showed slowing growth for its profitable business.

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