A Tencent Music IPO is on the horizon as the company is seeking to go public.
Here are seven things that investors should know about the move
:
- The company has filed its F-1 form to the Securities and Exchange Commission on Tuesday, seeking to trade under the symbol TME on the New York Stock Exchange or NASDAQ.
- The Tencent Music IPO could be monumental as the company is the largest music tech company in China, operating streaming services such as QQ Music, Kugou and Kuwo.
- The company has been on a tear lately, amassing revenue of 8,619 million yuan ($1.3 billion) for its first half of fiscal 2018, nearly doubling the 4,485 million yuan ($653 million) it raked in during the first six months of fiscal 2017.
- Plus, the company’s gross profit during its first half of the year skyrocketed 151% compared to its year-ago period, reaching 3,478 million yuan ($526 million).
- Tencent operates a karaoke app called WeSing in addition to its numerous digital music streaming services.
- The company said that in the second quarter of 2018, it compiled more than 800 million total unique monthly active users, covering “the full spectrum of user demographics in China,” the company said.
- “Our users are highly engaged, with each daily active user on average spending over 70 minutes per day on our platform in the second quarter of 2018.”
