China’s Tencent Music Entertainment has postponed its plans to go public amid a global equity sell-off this week led by technology shares, according to three people briefed on the matter.
The music streaming company was being hived off from Tencent, an internet gaming, social media and payments group that operates China’s largest mobile chatting application, WeChat.
Plans were to list the week of October 22 with a roadshow to market the shares to investors set to begin on Monday, forcing the company and its bankers to make a call now on whether to proceed.
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