Tencent Music Taps Banks for $5 Billion Hong Kong Listing

JPMorgan and Morgan Stanley picked to arrange the offering
A listing could happen as soon as this year, the people said

The online-music arm of Tencent Holdings Ltd. raised about $1.1 billion in its U.S. IPO in 2018 after pricing the offering at the bottom of a marketed range. — The online-music arm of Tencent Holdings Ltd. raised about $1.1 billion in its U.S. IPO in 2018 after pricing the offering at the bottom of a marketed range.
Photographer: Michael Nagle/Bloomberg

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By Vinicy Chan and Julia Fioretti

February 5, 2021 at 5:57 AM UTC

This article is for subscribers only.

Tencent Music Entertainment Group has selected banks to arrange its planned second listing in Hong Kong, which could raise as much as $5 billion, according to people familiar with the matter.

JPMorgan Chase & Co. and Morgan Stanley are among arrangers chosen to lead the offering, said the people, who asked not to be identified as the information is private. A listing of the Chinese music-streaming service in Hong Kong could happen as soon as this year, the people said.