Tencent Music shares pop in trading debut
By Megan Henney Published December 12, 2018 IPOsFOXBusiness
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Tencent Music Entertainment Group, a Chinese music-streaming service, popped Wednesday in its trading debut on the New York Stock Exchange, climbing nearly 10 percent during afternoon trading.
Tencent Music, a subsidiary of Chinese tech giant Tencent, said it raised close to $1.1 billion. The IPO valued Tencent Music at $21.3 billion, according to the Associated Press.
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The company delayed its planned October IPO this year due to a sell-off in the global markets that was, in part, triggered by fears of a U.S.-China trade war and fears of slowing growth, according to The Wall Street Journal.
It's one of the biggest IPOs on the U.S. market in 2018, and one of the biggest from a Chinese company since 2014, when the Alibaba Group went public at a whopping $25 billion.