Chinese tech giant Tencent plans US listing for music arm - CBS46 News

Chinese tech giant Tencent plans US listing for music arm

Posted: Updated:
  • NationalMore>>

  • Trump was taped talking of paying for Playboy model's story

    Trump was taped talking of paying for Playboy model's story

    Friday, July 20 2018 9:39 PM EDT2018-07-21 01:39:11 GMT
    The New York Times says President Donald Trump's former personal lawyer secretly recorded him discussing payments to an ex-Playboy model who said she had had an affair with him.More >
    The New York Times says President Donald Trump's former personal lawyer secretly recorded him discussing payments to an ex-Playboy model who said she had had an affair with him.More >
  • Colorado VA hospital plagued by delays, high costs to open

    Colorado VA hospital plagued by delays, high costs to open

    Friday, July 20 2018 9:39 PM EDT2018-07-21 01:39:09 GMT
    (AP Photo/David Zalubowski, File). FILE - In this June 8, 2017, file photo, the campus of the Veterans Administration hospital is under construction in Aurora, Colo. The center is set to open Saturday, July 21, 2018, years behind schedule and more than...(AP Photo/David Zalubowski, File). FILE - In this June 8, 2017, file photo, the campus of the Veterans Administration hospital is under construction in Aurora, Colo. The center is set to open Saturday, July 21, 2018, years behind schedule and more than...
    It's more than $1 billion over budget and five years behind schedule, but an elaborate new veterans hospital is finally opening in suburban Denver with the promise of state-of-the-art medical care.More >
    It's more than $1 billion over budget and five years behind schedule, but an elaborate new veterans hospital is finally opening in suburban Denver with the promise of state-of-the-art medical care.More >
  • NYC releases documents connected to Central Park 5 case

    NYC releases documents connected to Central Park 5 case

    Friday, July 20 2018 9:39 PM EDT2018-07-21 01:39:06 GMT
    (AP Photo/Frank Franklin II, File). FILE - In this Jan. 17, 2012 file photo, Yusef Salaam, left, Kevin Richardson, second left, and Raymond Santana, right, react to supporters in New York. The three men who were exonerated in the 1989 Central Park Jogg...(AP Photo/Frank Franklin II, File). FILE - In this Jan. 17, 2012 file photo, Yusef Salaam, left, Kevin Richardson, second left, and Raymond Santana, right, react to supporters in New York. The three men who were exonerated in the 1989 Central Park Jogg...
    New York City has started releasing about 100,000 pages of documents connected to the notorious case of the five men whose convictions for raping and beating a Central Park jogger were overturned after they served...More >
    New York City has started releasing about 100,000 pages of documents connected to the notorious case of the five men whose convictions for raping and beating a Central Park jogger were overturned after they served more than a decade behind bars.More >

BEIJING (AP) - Tencent, China's most valuable tech company and the operator of the popular WeChat social media platform, says it plans to spin off its streaming music service on a U.S. stock exchange.

The company said in a statement issued through the Hong Kong stock exchange that the share price and other details of the stock offering in Tencent Music Entertainment Group have yet to be decided.

Tencent Holdings Ltd.'s other businesses include WeChat and online games and video. Most of its activity is concentrated in its faster-growing home market in China but the company is gradually expanding abroad.

Tencent Music competes in China with streaming services operated by Netease Inc. and Baidu.com Inc.

The company, headquartered in the southern city of Shenzhen, reported a first-quarter profit of 23.3 billion yuan ($3.7 billion).

Tencent's stock market value on Monday was $480 billion, placing it among the 10 most valuable publicly traded companies globally.

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.