(Source: Panorama) Economic Observer Network reporter Ren Xiaoning On the morning of October 12th, Tencent Music responded to the news observation website: “Unofficial information, no comment”. Earlier, the Wall Street Journal quoted people familiar with the matter as saying that due to the global market sell-off, Tencent Music Entertainment Group delayed its initial public offering until the earliest November. On October 10, US stocks suffered “Black Wednesday”, the Dow Jones Industrial Average fell 3.15%, and the Nasdaq Index fell 4.08%. Among them, the Chinese stocks also fell bleak, with Alibaba, Sohu, Sina and many other stocks hitting a 52-week low. The fluency listed in the US last month fell nearly 15%, the fun store fell 11.32%, the pleasant loan fell 10.44%, and the fight was more, Weibo, Momo, New Oriental, Alibaba, Yi, Sina, iQiyi The declines are all over 5%. Zhang Gang, chief analyst of Southwest Securities, told reporters that under the current US stock market decline, IPOs will not be subscribed, causing the possibility of breaking. “We are worried about breaking the IPO and there is a danger of failure.” He added that US stocks are Mature overseas markets are directly oriented to institutional users, while institutional users are generally more rational. On the evening of October 2, Tencent Music officially announced its prospectus for listing in the US. According to the Wall Street Journal report, Tencent Music is expected to start a roadshow next week and is expected to start trading on October 22. Tencent Music Entertainment Group is China’s largest online music entertainment platform and has an absolute lead in the online music market. It owns the most active music software of QQ Music, Cool Dog Music, Cool Music and National KG. According to the prospectus, in the second quarter of 2018, the active users of the platform of Tencent Music Entertainment Group used more than 70 minutes per day, and the total number of monthly users exceeded 800 million. In July 2018, the number of monthly users of Cool Dog Music, QQ Music, and Cool Music was 350 million, 290 million, and 130 million respectively. Tencent Music’s biggest competitor, Netease Cloud Music, was 120 million. Tencent Music has not disclosed its IPO issue price and number of shares issued. According to the Securities Times, Tencent Music has a valuation of more than 200 billion yuan, exceeding the market value of Netease. Tencent Music achieved revenue of 8.619 billion yuan in the first half of 2018, a year-on-year increase of 92.17%. In 2017, it achieved revenue of 10.981 billion yuan, a year-on-year increase of 151.80%. Its growth rate and market position were the main reasons for the previous high valuation. .