Tencent Music is considering going public next month, according to Bloomberg. The Chinese online music firm previously filed in October to go public in New York, but then delayed its IPO plans amid stock market turmoil. It is sure to continue to watch markets closely, and it’s possible that it could postpone the offering again and wait until next year.
The stock slide of the firm’s Western counterpart, Spotify, could make Tencent Music a tougher sell to public investors. Tencent Music has reportedly been targeting a valuation of around $30 billion, which was less than Spotify’s valuation when Tencent Music first filed to go public. But Spotify shares have fallen 28% since the beginning of October, cutting its market capitalization to less than $24 billion.