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Tencent Music sued by investor ahead of USD 1.2 billion US IPO

Dec 10, 2018 by The Passage Team
Tencent Music sued by investor ahead of USD 1.2 billion US IPO

Last week, Chinese investor Hanwei Guo accused TME’s co-president of using misinformation, threats and intimidation to compel him to sell his equity stakes in Ocean Music, which eventually became part of TME after Tencent’s QQ Music and China Music Corporation merged in 2016.

Han has filed a motion for discovery in the US seeking information from Deutsche Bank AG, JPMorgan Chase & Co., Bank of America Corp. and other underwriters for TME’s IPO that the investor plans to use in an arbitration underway in China. The investor is requesting TME co-president Guomin Xie Guo and other parties involved to return percentages of his equity stakes in the music vehicle and compensate him for economic losses.

Source: Techcrunch

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