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Tencent, one of the largest tech company in China, is planning to spin off its online music business and list its shares in the U.S.
Chinese tech giant Tencent Holdings Ltd. said it plans to list its online music business in the U.S. In a statement through the Hong Kong Stock Exchange, Tencent said it plans to spin off its online music entertainment business on a U.S. stock exchange. The online music business is operated by Tencent's majority-owned subsidiary Tencent Music Entertainment Group.
AFG Holdings, Inc. (AFGL) announced it has commenced an initial public offering of 18.2 million shares of its common stock at an anticipated initial offering price between $15.00 and $18.00 per share. Of the 18.2 million shares of AFG's common stock being sold in the offering, AFG is offering 5.6 million shares and the selling stockholders are offering 12.6 million shares. The shares have been authorized for listing on the NYSE under the ticker symbol, AFGL.