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Tencent Music Entertainment Prices IPO At Low End Of Range

Tencent Music Entertainment Group, the online music entertainment business of Chinese tech giant Tencent Holdings Ltd (TCEHY.PK), said that it priced initial public offering at $13 per American depositary share, which is low end of its $13- $15 per share expected range.

Tencent Music Entertainment Group announced the pricing of its initial public offering of 82 mmillion American Depositary Shares, each representing two Class A ordinary shares of the Company, at US$13 per ADS. The ADSs will begin trading on December 12, 2018 on the New York Stock Exchange under the symbol "TME". The offering is expected to close on December 14, 2018, subject to customary closing conditions.

Of the 82 million ADSs being offered, 41.03 million ADSs are offered by the Company, and 40.97 million ADSs are offered by the selling shareholders.

The company has granted the underwriters an option, exercisable within 30 days from the date of the final prospectus, to purchase up to 12.30 million additional ADSs. The total gross proceeds of the offering are expected to be approximately US$1.07 billion if the underwriters do not exercise their over-allotment option, and approximately US$1.23 billion if the underwriters choose to exercise their over-allotment option in full.

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