With global markets in a volatile state, China’s Tencent Music Entertainment Group is delaying its IPO until November or beyond, The Wall Street Journal reports.
The music-streaming company had planned to roll out the week of 10/22 but chose to delay after concerns about meeting the expected price range, the Journal reported. Tencent Music was expecting a valuation between $25b and $30b; it was valued last year at $12.5b.
China’s markets have been pounded recently, and the the growing trade squabbles between the U.S. and China have had an even greater imnpact on tech-related companies.
Tencent Music’s parent company, Tencent Holdings, has felt the sting: Its stock price is down 34% this year.
THE COUNT: ALL THE DESERT'S A STAGE
The dust settles on the Indio Polo Grounds. (4/22a)
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THE NEW UMG
Gosh, we hope there are more press releases.
TIKTOK BANNED!
Unless the Senate manages to make this whole thing go away, that is.
THE NEW HUGE COUNTRY ACT
No, not that one.
TRUMP'S CAMPAIGN PLAYLIST
Now 100% unlicensed!
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