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Ook China akkoord met deal Fox en Disney

Gepubliceerd op 19 nov 2018 om 17:21 | Views: 299

PEKING (AFN) - Chinese toezichthouders hebben hun zegen gegeven aan de overname van een groot deel van mediabedrijf 21st Century Fox door Disney. Dat meldt CNBC op basis van ingewijden. Daarmee is opnieuw een belangrijke horde genomen voor wat een van de grootste mediafusies ooit kan worden, nadat de Europese Unie eerder al groen licht gaf.

De deal is nog niet helemaal rond. Er moeten nog verschillende landen instemmen met de overname, maar met het fiat van de EU en China zijn de belangrijkste obstakels weggenomen. Het Amerikaanse ministerie van Justitie ging eerder al akkoord.

Door de transactie ter waarde van ruim 71 miljard dollar komen bekende filmreeksen als Avatar en X-Men in handen van Disney, dat ook al de rechten op bioscoophits als Star Wars en de Marvel-films bezit. Daarnaast gaat de deal om een groot aantal televisiezenders van Fox. Door die onderdelen van Fox in te lijven, hoopt Disney sterker te staan in de concurrentieslag met streamingdiensten als Netflix.
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China close to setting renewable power quotas for first time from 2019

Reuters reported that China is close to introducing its first mandatory renewable power quota system by giving detailed targets for each of its regions, the National Energy Administration said to boost the use of clean energy in the country. According to a draft NEA proposal, the central government would start to set minimum targets of renewable energy consumption by region from 2019. Local authorities would monitor compliance by power companies and consumers, according to the draft.

The draft outlines setting regional quotas based on their renewable energy resources, with hydropower-rich Sichuan province in southwest China required to bring renewables to 80 percent of total power consumption, compared with only 9.5 percent in coal-dependent Shandong province in the east.

The quota system, opposed by traditional coal-fired power companies, has been under discussion for some time. The draft proposal follows two earlier drafts issued in March and September.

The March version proposed a quota of 91 percent renewable power consumption in Sichuan and 8.5 percent in Shandong.

The system aims to lower the rate of wasted renewable power by giving clean energy generators priority access to the grid. Power from wind, solar and hydropower plants is often lost because its intermittent nature makes it difficult to schedule without disrupting grid operations.

However, the rates of waste, known as curtailment, have been declining.

Companies covered by the scheme, including owners of captive power plants, will be given some preferential treatment if they surpass the quota requirements, such as less onerous enforcement of energy efficiency targets, according to the latest draft.

The draft is open for public comment until November 21.

Source : Economic Times
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China-designed UK nuclear reactor plan clears second assessment stage

Reuters reported that the first Chinese-designed atomic reactor for use in Britain moved a step closer to fruition on Thursday as the UK nuclear regulator said it had completed the second stage of its assessment of the technology. General Nuclear Services, an industrial partnership between China General Nuclear Power Corp and French utility EDF, hopes to use the design at a nuclear plant planned to be built at Bradwell in Essex, eastern England.

CGN intends to make a number of investments in Britain’s nuclear power sector, most notably the new Hinkley Point C project in southwest England.

Britain’s Office for Nuclear Regulation (ONR) said the Chinese HPR1000 reactor had completed stage two of its generic design assessment (GDA) - the formal process for approving a new reactor.

The four-stage assessment process is expected to take around four years in total and was started around two years ago. The project will now move to stage three of the process.

The ONR said in a statement that “The regulators have not identified at this stage of the GDA process any fundamental safety, security or environmental issues that would prevent the issue of a Design Acceptance Confirmation.”

EDF Energy said the approval is a “key step” for a new nuclear power station at Bradwell, which will use a British version of the HPR1000 reactor following full approval.

The company added that however, the project is still in an early pre-planning stage, which will involve years of investigative work and public consultations before detailed proposals are produced to allow a planning application to be made.

Source : Reuters
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China to offer financial support to improve coal mine safety in 2019-2020

Reuters reported that China will offer financial support to improve safety at coal mines in 2019-2020, the National Development and Reform Commission (NDRC) said in a statement. That comes after several fatal accidents at coal mine in the country. The NDRC did not give the total amount of money it will put into the improvements, which are to include equipment upgrade and infrastructure construction.

The statement said that money will only be given to new projects that have not finished being built or to projects that have not finished safety renovations.

The NDRC said that coal mines facing a tough financial situation or actively enforcing capacity cuts will be given more financial support.

Source : Reuters
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Maersk reveals ‘Ironic’ twist in US Trade War with China - CEO

Bloomberg reported that the man running the world’s largest container-shipping company says he has access to data that shows Mr Donald Trump has so far failed to wean the US off Chinese imports. Soren Skou, the chief executive of AP Moller-Maersk A/S, says Chinese exports to the US actually grew 5-10 percent last quarter. Meanwhile, US exports to China fell by 25-30 percent. “It’s an ironic development,” Mr Skou told reporters in Copenhagen on Wednesday. “But after Trump has turned up the volume, the US has only increased their imports from China even more.” There are two reasons behind the development, Mr Skou said.

Mr Skou said that firstly, the US economy is doing well so consumers there have more money to spend on imports. Secondly, a lot of the really big US companies are hoarding Chinese imports to buy as much as possible before tariffs kick in.

He said that “When we talk to our customers, we hear from many of them that they want to bring in a lot of goods before the end of the year.”

Maersk transports about a fifth of the world’s seaborne manufactured goods, so the company is in a unique position to gauge changes in global trade flows. Given Maersk’s reliance on free trade, Skou hasn’t shied away from criticizing Trump’s tariffs in the past.

He added that part of the problem is that Trump is fighting an “asymmetric” battle, because China has a lot more clout than the U.S. when it comes to telling corporations how to act.

He further added that “Mr Donald Trump can’t tell Nike, Walmart and The Home Depot that they can’t import from China. So they will continue to import and will work on solutions and they may be hit a bit on their margins.”

Source : Bloomberg
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VS beschuldigen China opnieuw van oneerlijke praktijken

(ABM FN-Dow Jones) De Amerikaanse handelsgezant Robert Lighthizer heeft China van oneerlijke handelspraktijken beschuldigd.

“China heeft zijn oneerlijke, onredelijke en marktverstorende praktijken niet fundamenteel veranderd”, klaagde Lighthizer in een lijvig rapport van 50 pagina’s. Dit rapport is een update van het rapport dat in maart werd geschreven en de basis vormde voor de importheffingen op 250 miljard dollar aan Chinese goederen.

In het nieuwe rapport beschuldigt Amerika China ervan nog altijd illegaal Amerikaanse technologie toe te eigenen, te spioneren en overheidsdruk uit te oefenen.

Aan het einde van deze maand zullen de Amerikaanse president Donald Trump en zijn Chinese evenknie Xi Jinping elkaar ontmoeten aan de zijlijn van de G20-top in Argentinië.

Door: ABM Financial News.
info@abmfn.nl
Redactie: +31(0)20 26 28 999

© Copyright ABM Financial News B.V. All rights reserved.
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Rizhao Baohua orders continuous hot skin pass mill with tension leveling line from Primetals Technologies

Chinese steelmaker Rizhao Baohua New material Co Ltd (Rizhao Baohua) awarded Primetals Technologies a contract for the process supply of a continuous hot skin pass and tension levelling line. The new line will be installed at the company´s production facility in Rizhao, Shandong Province. The objective is to process black coil with good flatness characteristics and to ease the downstream tube fabrication and welding for applications in the construction and pipe industries. The CHSPM line is designed to process 1.2 million metric tons per year. The completely integrated equipment and automation solution offers Rizhao Baohua precise control of productivity, product quality and availability, thus improving profitability. The line is scheduled to start operating in February 2019.

Primetals Technologies is responsible for the process supply of the CHSPM line especially designed for the processing of incoming black coil, including engineering, manufacturing, and commissioning. The complete drives and automation technology for the line is also part of the project, ensuring the seamless interplay of all components. Specifically, the CHSPM is composed of a double coil charging and entry section design for heavy incoming black coils, a 6-strand horizontal looper 6, a skin pass mill with a maximum roll force of 1,500 tons, a 60 tons tension leveler, inspection facilities and an exit and coil dispatching system. The line is equipped to process strip with thicknesses ranging from 0.6 to 4 millimeters and widths between 900 and 1,600 millimeters at a process speed of 370 meters per minute. Maximal coil weight is 35 tons.

All equipment is based on the proven Primetals Technologies processing lines solution which ensures good flatness and exit strip surface roughness, and is designed to operate efficiently with minimal downtime in order to achieve a low cost per ton. In addition, the overall solution has been optimized to reduce costs for the associated civil works, which will be carried out by Rizhao Baohua.

Source : Strategic Research Institute
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Chinese Panhua Group inks MoU for 10 million tonnes steel plant in Philippines

Manila Times reported that Chinese steel company Panhua Group Co Ltd is set to invest USD 3.5 billion in a Philippine venture that is expected to create 50,000 jobs. Panhua will set up a 305-hectare integrated steel manufacturing plant at the Phividec Industrial Estate of the Misamis Oriental Special Economic Zone

Trade Secretary Ramon Lopez announced the investment on Tuesday at the beginning of the two-day state visit of Chinese President Xi Jinping to the Philippines. Lopez led the signing of the memorandum of understanding (MoU) between Panhua Chairman Xinghua Li, Phividec Industrial Authority Administrator Franklin Quijano, and Philippine Economic Zone Authority (PEZA) Deputy Director General Tereso Panga on Tuesday.

Lopez said the USD 3.5-billion investment would consist of a port, an integrated steel mill with a capacity of 10 million tonnes, an industrial park, and other downstream industries. The three-phase project is expected to be completed in six to seven years.

Source : Manila Times
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Volkswagen brand reaches milestone of 30 million deliveries in China

Volkswagen is speeding up its activities in China, re- energizing the brand under its Move Forward initiative. The brand’s product portfolio was strengthened with no less than 9 new models in 2018. Speaking at Auto Guangzhou 2018, Mr Stephan Wöllenstein, CEO of Volkswagen Brand China, said that “We reached a fantastic milestone this November, as we delivered the 30 millionth Volkswagen a Touareg to a customer in China. And to remain the number one choice for Chinese car buyers, as we have been for many years, our product offensive will continue in 2019.”

As one of the pioneering automotive brands in China, Volkswagen delivered some 2,000 cars to Chinese customers in 1985, in a market that totalled 5,100 vehicles. By 1992, cumulative Volkswagen China deliveries had reached 100,000, and in 1997 Volkswagen’s total number of customers exceeded one million. The 5 and 10 millionth customers were greeted in 2006 and 2011, respectively, while in 2015 the 20 millionth Volkswagen found its way to China’s roads. Just three years later, in 2018, another 10 million Volkswagen vehicles have been delivered: in November, the 30 millionth Chinese car buyer chose a Volkswagen. Mr Wöllenstein said that “This is a unique occasion, and a unique vote of confidence from all our Chinese customers over the years.”

With its joint venture partners, FAW-Volkswagen and SAIC VOLKSWAGEN, the brand is committed to providing more choice to meet the varying needs of Chinese consumers. Volkswagen announced the introduction of another 5 models in 2019, including 3 SUVs. Mr Wöllenstein continued that “Together with our joint ventures, we also will step up our efforts with our NEV offensive in 2019 – introducing 3 locally-produced battery-electric versions of well-known Volkswagen models. We will also introduce one more locally-produced PHEV and the Touareg PHEV from Volkswagen Import.”

Source : Strategic Research Institute
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Tesla starts taking Model 3 orders in China

Tesla Inc has started taking orders for its Model 3 sedan in China for a deposit of 8,000 yuan ($1,153.60), according to the electric carmaker's China website. Mr Elon Musk CEO said that "Probably some deliveries in March, but April is more certain.”

The company has been banking on its Model 3 sedan, the performance of which is seen crucial to the carmaker's future.

China is the largest market for electric vehicles and most forecasters predict that its sales in the country will speed up rapidly as government regulation drives toward a goal of 100-percent electric vehicles by 2030.

Tesla had signed a deal with Shanghai authorities in July to build its first factory outside the United States, which would cost around USD 2 billion to construct and would double the size of its global manufacturing.

Source : Reuters
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Chinese copper output in Jan-Oct up 10.6% YoY

China’s National Bureau of Statistics announced that China’s copper output in October declined by 3.7% MoM to 736,000 tonnes, though the total was 3.8% higher YoY. Over January-October, China produced a total of 7.4 million tonnes of copper, representing an increase of 10.6% YoY

An official from Tongling Nonferrous Metals Group, one of China’s major copper producers located in East China’s Anhui province, said “Demand for copper products has retreated since the beginning of the fourth quarter and the orders we’ve received have shrunk in parallel.”

Source : Strategic Research Institute
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China's approves CNY 42.1 billion airport expansion in Xinjiang capital

Reuters reported that China’s state planner approved a CNY 42.1 billion airport expansion project in Urumqi, capital of the far western region of Xinjiang, a key hub in China’s Belt and Road initiative. Construction will run through 2030 when the expanded airport is expected to handle 63 million passengers and 750,000 China Southern Airlines planes at the Urumqi Diwopu International Airport in Xinjiang Uighur Autonomous Region. China tonnes of cargo a year, the National Development and Reform Commission (NDRC) said in a statement.

The expansion includes construction of two additional runways. The investment value is over half of what China is spending on Beijing’s new megaairport project - Daxing International Airport - that costs 80 billion yuan and will serve 72 million passengers a year by 2025.

Oil and mineral-rich Xinjiang has seen infrastructure construction spring up across the region in recent years as it is considered by China to be a key node in President Xi Jinping’s Belt and Road initiative. Xi’s multi-billion-dollar plan aims to bolster a sprawling network of land and sea links with Asian neighbors and beyond.

The central government is also investing heavily in the country’s sometimes restive western regions to ease poverty and better integrate them into the national economy. Xinjiang is also heavily Muslim.

Source : Reuters
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China's building the world's longest double-deck suspension bridge - Report

Daily Mail reported that China is building the world's longest double-deck suspension bridge. The Yangsigang Bridge boasts a single span of 1,700 metres (5,577 feet) over the Yangtze River and will cost a whopping CNY 8 billion to construct. The bridge's span is 221 metres (725 feet) shorter than that of Japan's Akashi Kaiky? Bridge, the longest suspension bridge in the world. But the Japanese bridge, which crosses the busy Akashi Strait, only has one level.

However, the news comes less than a month after China opened the world's longest sea-crossing bridge at 34 miles, linking Hong Kong, Macau and Zhuhai.

Source : Daily Mail
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'Anbang wil Amerikaanse hotels verkopen'

Gepubliceerd op 21 nov 2018 om 22:36 | Views: 712

PEKING (AFN/BLOOMBERG) - De Chinese investeerder Anbang werkt mogelijk aan de verkoop van een portefeuille van Amerikaanse luxehotels. De firma heeft Bank of America in de arm genomen om de desinvestering te begeleiden, meldden ingewijden. Anbang was de afgelopen jaren erg actief op de overnamemarkt, maar verkeert nu in zwaar weer.

De portefeuille, bekend onder de naam Strategic Hotels & Resorts, bestaat onder meer uit hotels in San Francisco, Chicago en New York. Anbang kocht de portefeuille twee jaar geleden voor 5,5 miljard euro van Blackstone.

Door alle overnames bouwde Anbang een enorme schuldenberg op. Bezorgde Chinese autoriteiten grepen dit jaar in en stelden het bedrijf onder curatele. De voormalige topman, Wu Xiaohui, werd bovendien veroordeeld tot een jarenlange celstraf wegens fraude en corruptie.

Anbang kocht in 2015 de Nederlandse verzekeraar Vivat, het moederbedrijf van merken als Zwitserleven, Proteq, Reaal en Actiam. Door de financiële problemen van Anbang hangt een verkoop van de verzekeraar boven de markt.
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Tesla verlaagt prijzen auto's in China

Gepubliceerd op 22 nov 2018 om 07:40 | Views: 2.320

PEKING (AFN/RTR/BLOOMBERG) - Tesla gaat de prijzen van zijn elektrische auto's in China verlagen om zo Chinese klanten te compenseren voor de importheffingen op Amerikaanse auto's.

De prijzen van de Tesla Model S en Model X worden met 12 tot 26 procent verlaagd. Het bedrijf van Elon Musk zei een aanzienlijk deel van de importheffingen voor zijn rekening te nemen om de auto's betaalbaarder te maken voor klanten in China, de grootste automarkt ter wereld met sterk stijgende verkopen van elektrisch aangedreven voertuigen.

Om de Chinese tarieven op Amerikaanse importen te omzeilen, is Tesla bezig met de bouw van een grote fabriek in de buurt van Shanghai om zo lokaal te kunnen produceren. Vorige maand sloot Tesla een akkoord over de huur van een stuk grond in China waar de eerste 'gigafabriek' van Tesla buiten de Verenigde Staten moet verrijzen.

Momenteel importeert Tesla nog alle auto's die het verkoopt in China. De onderneming verklaarde eerder dat de importtarieven ervoor zorgen dat het bedrijf extra haast maakt met de bouw van de Chinese megafabriek. Ook moeten zo de kosten voor vervoer over zee worden omzeild. Onlangs is het bedrijf begonnen met de voorverkoop van de nieuwe Model 3 in China.
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Hebei Province issues second level smog alert from November 22

State-owned China Nation Radio (CNR) reported that China’s top steelmaking province Hebei issued second-level smog alerts to its 10 cities, effective from November 22 as the provincial environmental bureau expects a wave of air pollution from Nov 24 to 27. Heavy industry in the province will have to enforce emergency measures, including cutting output and reducing material transportation, during the alerts.

Cities were asked to increase the supervision of their emergency measures and will be allowed to lift the alert when air quality shows improvement.

Source : Strategic Research Institute
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China's aluminum output drops as Shanghai price sinks – Mr Andy Home

Mr Andy Home wrote in Reuters that the Shanghai aluminum price hit its lowest level since October 2016 on Wednesday, as London Metal Exchange aluminum price has been under pressure from bearish funds but is down by a relatively mild 6 percent on the start of the year. Aluminum’s persistent price weakness is compressing producer margins everywhere but the pressure is greatest in China and there are signs that it is claiming ever more smelter victims. Chinese production dropped sharply last month, according to the International Aluminium Institute (IAI), and unless the Shanghai market can break out of its downtrend, more smelter casualties seem likely.

The flip side is that the aluminum market probably doesn’t need to worry much about the impact of this year’s winter heating season restrictions in China since price has taken over from smog as the key driver of short-term output trends in the world’s largest producer. Aluminum’s own dynamics are soggy with falling but still large off-market stocks, plentiful scrap supply and growing confidence that a US sanctions deal will be reached with Russian producer Rusal. The looming seasonal slowdown in demand and expectations of a limited supply hit from this year’s winter heating season restrictions are unlikely to entice investors back any time soon.

The Shanghai aluminum price is now at a level where significant numbers of smelters are suffering extreme margin compression. Some are closing. Two smelters in the province of Qinghai with combined capacity of 270,000 tonnes per year have gone off line in the last couple of weeks, according to BMO Capital Markets. BMO estimates total closures this year now amount to around 1.8 million tonnes of smelter capacity. The pace seems to be quickening as the price continues sinking.

The latest IAI estimates of Chinese production suggest a sharp month-on-month drop in average daily output to 98,390 tonnes in October, the lowest national run-rate since March.Annualized production has fallen by almost 1.2 million tonnes since June with price pressures interacting with Beijing’s ongoing structural reform of its aluminum industry.

Average smelter production costs in China are now 800-1,000 yuan-per-tonne above the current metal price, according to Paul Adkins of aluminum consultancy AZ China. Chinese smelters have been here before, most recently in 2015 when the Shanghai price slumped to 10,000 yuan. Back then the price was 2,000 yuan below average production costs, suggesting many producers will soldier on in the short term, according to Adkins.

Source : Reuters
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US coal exporters effectively lost a promising market in China - Report

Reuters reported that US coal exporters have effectively lost a promising market in China since the imposition of tariffs as part of the ongoing trade dispute, but so far they have managed to find other buyers in Asia, chiefly India. China imposed a 25 per cent tariff on imports of US coal in August as part of its retaliation against tariffs on its exports implemented by the administration of President Mr Donald Trump. Vessel-tracking and port data compiled by Refinitiv show that no coal from the United States was discharged in China in October, while two cargoes totalling 212,000 tonnes are being unloaded this month.

However, both the cargoes being unloaded in November left the United States before the tariffs took effect on Aug. 23. While China isn't the most important Asian buyer for US coal, it had been growing in importance until this year.

In the first 10 months of 2018, China imported 3.2 million tonnes of US coal, which was down from 5.1 million for the same period last year. Much of the coal China buys from the United States is higher value coking coal, used in steel making, and it usually is at least double the price of thermal coal, used for power generation.

The loss of the China market hasn't been a devastating blow to US coal exporters, as they have so far been able to find other buyers in Asia.

India imported 13.5 million tonnes of coal from the United States in the first 10 months of the year, according to Refinitiv data, up 36 per cent from the 9.9 million tonnes in the same period in 2017.

Japan, Asia's third-biggest coal importer behind China and India, bought 7.1 million tonnes from the United States in the January to October period, up from 6.2 million tonnes in the same period last year.

Overall, Asia's imports from the United States were 28.2 million tonnes in the first 10 months of the year, up 2.9 per cent from the 25.3 million in the same period last year.

Source : Reuters
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Home prices could fall in some smaller Chinese cities in 2019 - Fitch

Reuters reported that home prices in some smaller Chinese cities could fall next year as the world's second-largest economy slows, Fitch ratings said, while adding the government is expected to step in to stem any precipitous decline. Nationwide growth in China's property prices has moderated this year in response to measures to curb speculation. But many investors are still exploiting regulatory loopholes, turning to smaller and less restrictive cities. A broad slowdown in the economy, however, is threatening to further chill the sector, which is a significant growth driver. Property sales by floor area have been declining month-on-month, though they are still higher this year on the whole compared with 2017.

Fitch said in a statement, after cutting its outlook on the sector to negative from stable, homebuilders are likely to face more difficult market conditions in 2019, with slowing economic growth and deteriorating sentiment likely to drag down sales volumes and stifle home-price gains.

According to the government, property developers, in a bid to spur sales, have tried to manipulate prices, deliberately postponing sales to prop up prices, illegally providing loans for down payment or even publishing false price information. But the rating agency said the downturn is likely to be muted, and the government has considerable scope to ease policies to support the market if required.

It said that sales volumes may fall up to 10 percent, following low-single-digit gains in 2018, with declines likely to be the strongest in lower-tier cities, it said.

Fitch said that smaller cities will be most affected by the scaling back of monetised resettlement of shanty-town residents. Lower-tier cities have been broadly driving price gains in the overall market this year, partly due to China's long-term campaign to modernise housing developments.

Source : Reuters
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'Tencent Music in december naar beurs'

Gepubliceerd op 23 nov 2018 om 08:04 | Views: 698

NEW YORK (AFN/BLOOMBERG) - Muziekstreamingdienst Tencent Music gaat naar verwachting in december naar de beurs in New York. Dat meldden ingewijden. Het dochterbedrijf van het Chinese techbedrijf Tencent had naar verluidt weken geleden al naar de beurs gewild, maar stelde de stap uit vanwege de onrust op de aandelenbeurzen.

Vanaf 4 december zouden investeerders kunnen intekenen, op 12 december moet de beursgang dan volgens de bronnen een feit zijn. Volgens documenten die eerder bij de Amerikaanse beurswaakhond waren ingediend, mikt Tencent Music op 1 miljard dollar aan opbrengsten. Eerder zouden platenmaatschappijen Sony Music en Warner Music al hebben ingetekend op de stukken.

Tencent Music is de grootste muziekstreamingdienst van China. Moederbedrijf Tencent is een van de grootste technologiebedrijven van het Aziatische land. Ook concurrent Spotify heeft een belang in de muziekdienst.
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