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Tencent's IPO parade creates looser ties for growth and funding

Tencent Music becomes 12th listing in 2018, with WeChat at center of web

Tencent tends to spread investment over various targets with the goal of an IPO, while rival Alibaba focuses on retaining direct control of its units.

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.

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