, Columnist
The Music’s Stopping for Chinese IPOs Overseas
Tencent’s streaming service may have gained on its U.S. debut, but the signs of impending trouble are unmistakable.
A slow hand clap for Tencent Music’s debut.
Photographer: Spencer Platt/Getty Images
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The window looks to be shutting for Chinese companies listing overseas.
While Tencent Music Entertainment Group rose on its New York trading debut Wednesday, trouble has been brewing under the surface. The music-streaming unit of Tencent Holdings Ltd. priced at the bottom of its marketed range, in a sign that international investors are losing their appetite for offerings from the world’s second-largest economy.