China's music streaming leader Tencent to go public in US

SAN FRANCISCO (AP) — The owner of China's largest music streaming services is looking to strike it rich in the U.S. stock market.

Tencent Music Entertainment plans to sell its stock in the U.S. as part of an initial public offering. The IPO documents filed Tuesday propose raising $1 billion, but that preliminary figure often ends up being substantially higher.

Investor demand is likely to be high, given the rising popularity of music streaming and Tencent's success so far.

Tencent says its services have more than 800 million users, including 23.3 million subscribers who pay to listen to its music library.

It's also profitable, having earned $199 million on revenue of $1.66 billion last year.

Tencent's major shareholders include the leading music streaming service Spotify, which went public earlier this year.