Boustead’s Dan McClory, Managing Director and Head of China & Equity Capital Markets, discusses the Tencent Music IPO on CGTN.
"'I mean it’s kind of like the incredible melting ice cube. This thing started out with great aspirations,' said Daniel McClory, Managing Director of Boustead Securities.
The company, which owns three streaming platforms and the karaoke app WeSing, had hoped to go public in October with the goal of raising $4 billion. But it delayed the move amid U.S.-China trade tensions and market volatility. Tencent now aims to raise up to $1.2 billion dollars.
'This has gotten downsized way beyond recognition in where it was originally intended to be. So it appears as though the outlook from both the company Tencent Music as well as the underwriters is we just have to get this deal done,' McClory added." (via CGTN)
Read the full article on CGTN here.