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Companies

Tencent streaming music arm files for $1bn US listing

Chinese market leader sets in motion IPO on heels of group restructuring

HONG KONG -- The streaming music arm of Chinese internet group Tencent Holdings filed documents on Oct. 2 for a U.S. initial public offering, seeking to secure its market lead amid Beijing's crackdown on pirated songs.

Tencent Music Entertainment, China's biggest online music service, set a proposed amount of $1 billion to indicate the size of the IPO. The amount though is placeholder and the company may seek more funds.

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