TME stock starts trading on the NYSE

Tencent Music owns the four largest music apps in China — streaming apps QQ Music, Kugou Music and Kuwo Music, and karaoke app WeSing. The company counted more than 800 million unique monthly active users during the second quarter of 2018, according to its initial prospectus filing.

The company has posted an annual profit for the last two years, according to the filing.

Parent company Tencent owns 58 percent of the music division. Spotify, which went public on U.S. exchanges earlier this year, owns 9 percent of shares.

The stock trades on the New York Stock Exchange under the ticker “TME.” Bank of America, Deutsche Bank, Goldman Sachs, JPMorgan and Morgan Stanley are the lead underwriters of Tencent Music’s offering.

—Reuters contributed to this report.

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