Sign up to receive 5 free days of our daily summary for tech news.

True Value: Uber's Confidential Documents Show Path to $90 Billion IPO. Read the full story here.

Read this article for free.

Already a subscriber? Log in here

Asia Entertainment

Does Tencent Music Deserve a Spotify-Like Valuation?

China tech IPOs, of companies such as Xiaomi and Pinduoduo, have struggled this year. That puts the spotlight on the next big U.S. public offering from China, which is likely to be Tencent Music Entertainment Group, China’s answer to Spotify. Its valuation has soared on private tech markets lately, suggesting that investors anticipate its IPO could prove as successful as Spotify’s public listing in April. It’s a riskier bet than Spotify, but could pay off hugely.

U.S. investors have recently agreed to buy private stock in Tencent Music from earlier shareholders at a valuation between $28 billion and $30 billion, according to four people familiar with the matter. That’s up from $11.5 billion in December. And it suggests Tencent Music is worth nearly as much as Spotify—whose market capitalization on Thursday was $34.6 billion, up 30% since the listing.

What Is The Information?

Notes bb3aa5069205d702dda37fc71dc6f1c59df2310c4379304e9f1199f052af4884

Exclusive Articles

We broke it first. Receive original reporting you won't read anywhere else from the largest newsroom in tech.

Notebook b5103017ee163370a1667c9ce59ab0ef023875a17888105d26c185cadf31bb69

Daily news analysis

Every weeknight, we'll send you our reporters’ views on the day’s top tech news—distilled into one email.

Conference calls c9e664e8b96ee347d3e92b8309938f268422b9db98cfabca5c826fbb75054b23

Conference calls

Get access our reporters and other top executives with monthly deep-dive calls into topics like startups and autonomous vehicles.

Events 499acedd16cffc41445edd76bfd302b2836c2a27419890f17130a6b10e2aa3df

Special Events

For no extra fee, get access to more than a dozen events yearly, from intimate dinners to larger gatherings with marquee speakers.

Access the best reporting on the tech industry read by tens of thousands of global executives.

Become a contributor

Share your views and find other subscribers by completing your profile. You’ll be listed in our contributor directory.

Org Charts

Access the only collection of tech company org charts. Our expanding database includes companies like Amazon, Snap, and Uber.

Slack community

Discuss topics and current events with our subscriber-only Slack group and share news about your company with other subscribers.

Share with your team

Subscribers can unlock any article and share it with friends and co-workers through a special share link.

Stay up to date on Silicon Valley

Sign up for Jessica Lessin’s (The Information’s CEO & Founder) free Saturday newsletter and also receive a complimentary week of our daily afternoon tech commentary email.

Already a subscriber? Log in here

Recent Articles

Asia Apple

Behind Apple’s China Slowdown: Changing Consumer Habits

By Juro Osawa

Media Amazon Entertainment E-commerce

Amazon Developing Game Streaming Service

By Jessica Toonkel and Kevin McLaughlin

Enterprise Startups Markets

Slack’s Financials Ahead of Listing Plans

By Zoë Bernard and Alfred Lee

Media

Has Subscription Media Peaked?

By Jessica E. Lessin

“People are just starting to understand this is a fast-growing business in a very large market.”