Tencent Music Entertainment has postponed its initial public offering ( IPO ) because of the recent market sell - off , per The Wall Street Journal . After discussions with its underwriters it decided to delay its debut over concerns the sell - off would hurt its pricing . Tencent Music had been set to start trading in mid - October , but will now wait until November . In a prospectus filed earlier in October the company revealed plans to raise up to $ 1bn in its IPO . apple ’s music platform owns apple ’s two biggest music apps and is backed by Spotify .
Tencent Music Entertainment has postponed its initial public offering (IPO) because of the recent market sell-off, per The Wall Street Journal. After meeting with its underwriters it decided to delay its debut over concerns the sell-off would hurt its pricing. Tencent Music had been set to start trading in mid-October, but will now wait until November. In a prospectus filed earlier in October the company revealed plans to raise up to $1bn in its IPO. Tencent’s music division owns China’s four biggest music apps and is backed by Spotify.