Tencent Music Entertainment, a subsidiary of Chinese tech giant Tencent, has filed paperwork with the SEC announcing its plans to go public in the U.S. Under the plans, Tencent Music Entertainment will be listed on the New York Stock Exchange under the symbol “TME.” It will reportedly seek to raise $1 billion in the offering, reports Axios.
Tencent Music currently has about 800 million unique monthly users in China. Those users stream over 70 minutes of music a day each. The company says it’s profitable, making $263 million in profit on revenues of $1.3 billion for the first six months of the year. TME is estimated to be worth about $12 billion in total.
Currently, Tencent Music is not available to U.S. customers and TME made no suggestions it will become available in the U.S., where Apple Must and Spotify already dominate the streaming music market. No date has yet been set for its IPO.