HONG KONG -- Tencent Music Entertainment, China's largest music streaming company, has filed for an initial public offering in New York despite having no license to operate a substantial part of its core business.
The company, a spinoff of China's social media giant Tencent Holdings, this week set out potential regulatory risks in its filing for the IPO, which is expected to raise at least $1 billion. These risks include the possibility that Chinese regulators could decide the structure behind the operation of its music services in China is unacceptable.
