Chinese tech giant Tencent plans US listing for music arm

BEIJING (AP) — Tencent, China’s most valuable tech company, says it plans to spin off its streaming music service on a U.S. stock exchange.

Tencent Holdings Ltd., in a statement issued through the Hong Kong stock exchange, said share price and other details of the stock offering in Tencent Music have yet to be decided.

Tencent’s other businesses include the popular WeChat social media platform and online games and video. Most of its activity focuses on its faster-growing home market in China but the company is gradually expanding abroad.

This article provided by NewsEdge.