Tencent Music Entertainment Group, China’s most popular music streamer, now hopes to raise about $2 billion in a U.S. IPO, down from an original ask of $4 billion.
The music subsidiary of Chinese tech giant Tencent Holdings filed confidentially with the U.S. SEC earlier this month, three people with knowledge of the filing told Reuters.
The Tencent pricing could have long term consequences for Spotify. In addition to setting investor expectations, Tencent and Spotify swapped shared late last year, leaving Tencent with a 7.5% stake in Spotify.