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Tencent Music plans US IPO, inspired by Spotify

China's top streaming service skips Hong Kong to seek higher valuation.

Tencent submitted a proposal to separately list its subsidiary Tencent Music.

HONG KONG/TOKYO -- Tencent Holdings looks to repeat the successful U.S. listing of Spotify by spinning off its own streaming music unit and floating shares in the American market, according to a filing the Chinese internet group submitted to the Hong Kong Stock Exchange.

Media reports say the offering could value the unit at between $29 billion and $31 billion, though the price range and other terms have not been finalized. Tencent itself trades on the Hong Kong exchange.

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