GUANGZHOU -- Chinese internet services group Tencent Holdings is constructing a loose federation of listed affiliates that will generate money for additional investments, with the aim of forging an empire touching virtually every aspect of an ordinary consumer's lifestyle.
The company, best known for its chat apps, made a splash Wednesday on Wall Street with the float of its streaming music arm, Tencent Music Entertainment Group. Despite the headwinds facing tech stocks, Tencent Music opened 8.5% above the offer price, giving it a market value of $23 billion.
