tencent music

China’s dominant music distributor had hoped to overtake Spotify with its $1.1 billion New York IPO. But for now, Tencent Music still lags its main international rival.

Asian equity markets are being driven by sentiment rather than fundamentals say bankers and investors, hopeful of a turnaround before year-end.

China’s largest digital music distributor operates under an integrated entertainment business model, which allows it to make a profit while rival Spotify continues to struggle with losses.