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Hypebot reports: “Chinese internet giant Tencent confirmed it will be spinning off its music unit with a US IPO. Details of the offering, which Tencent revealed in a Hong Kong stock exchange filing Sunday, are still being finalized, but one big winner is Spotify. A Tencent Music (TME) US IPO is seen as likely to raise more than $1 billion, at a valuation estimated to be as high as $30 billion.”

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