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Chinese streaming music platform Tencent Music TME.N. shares rose on Wednesday, the first day of its U.S. listing. Investors, despite market fluctuations, still hope to gain a share in the fast-growing music streaming industry.
Tencent Music opened at $14.10, 8.5% higher than the initial public offering price of $13. The company has a market capitalization of about $23 billion, which is comparable to the current valuation of Swedish peer Spotify Technology. Spotify is also an investor in Tencent Music.
Tencent Music closed up 7.69% at $14, up 13.5% at one point.
Tencent Music's IPO raised $1.1 billion, making it one of the largest Chinese-funded IPOs in the United States this year. IQ.O., a video streaming company, ranked first with $2.4 billion, followed by $1.6 billion of PDD.O and $1.15 billion of NIO.N.
Tencent Music postponed its IPO to November due to weak markets due to trade tensions between the United States and China, and its first show on Wednesday concluded its lame listing journey.
"Despite the challenges in the market, we are proud to be able to complete the IPO," Chief Strategic Officer Ye Zhuodong said in a telephone interview. "In such an environment, raising more than $1 billion is not easy."
Motivated by the resumption of negotiations between the United States and China, car-calling service providers Youbu and Lyft also filed for an IPO with a target of listing in 2019.
PwC, an international accounting and consulting firm, said that overall, the U.S. IPO market this year was the best year in 2014, with 208 IPOs so far this year raising $52.7 billion, even though market shocks and wider market selling led to a slowdown in the current quarter.


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