Chinese internet giant Tencent said it plans to spin off its streaming music service on a U.S. stock exchange.
In a statement issued on Sunday through the Hong Kong stock exchange, Tencent said the terms of the proposed spin-off, including offering size, price range and other details have not been finalized. The company added that details will be made "as and when appropriate."
Tencent provides services in music, social networking , e-commerce, mobile games, booking services and smartphones. Its messaging app WeChat is used by over 1 billion people each month.