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HONG KONG (Reuters) - Tencent Music Entertainment Group, China’s biggest music-streaming company, is seeking to raise about $2 billion in a U.S. listing, according to three people close to the deal, down from the up to $4 billion that had been touted earlier. The subsidiary of Chinese tech giant Tencent Holdings filed confidentially with the U.S. Securities and Exchange Commission (SEC) two weeks ago, three people with knowledge of the matter said, in what will be one of the biggest listings in New York by a Chinese company this year.

Tencent Music had earlier been seeking to raise between $3 billion and $4 billion, Thomson Reuters publication IFR reported, which would have made it the biggest Chinese float in the United States so far in 2018, ahead of streaming company iQiyi’s $2.42 billion IPO in March, The company then was seeking a valuation of about $25 billion, according to IFR, The sources did not disclose whether the now smaller deal related to a lower valuation or fewer shares to be sold, Tencent said in a statement in Chinese the Reuters report was not blue fleur de lis cufflinks accurate, It did not elaborate or say which part of the report was inaccurate, “Please refer to official statements or announcements by the company for facts relating to the proposed offering,” it said..

Tencent Music runs the music service providers QQ Music, KuGou and Kuwo, controlling three-quarters of China’s booming music streaming market. Users can listen to both Chinese and international artists such as Justin Bieber, Ed Sheeran and Bruno Mars. The filing was submitted to the SEC on Sept. 7, according to two of the people close to the deal. The sources declined to be named because the information was not public. The rapid growth in streaming music services in recent years has led to a recovery in the fortunes of the global recorded music industry, which enjoyed its third year of positive revenue growth in 2017, according to a report by industry body IFPI.

Tencent Music’s float follows that by Swedish music streaming service Spotify earlier this year as online streaming becomes a bigger part of the recording industry’s revenue, In December last year, Tencent and Spotify agreed a share swap after which Tencent ended up with a 7.5 percent stake in Spotify, including shares held through Tencent Music, according to the prospectus filed by Spotify ahead of its own IPO in April, Tencent Music will be the latest in a series of Chinese companies to have tapped U.S, markets this year, Other groups to have held IPOs include electric vehicle start-up NIO Inc - which blue fleur de lis cufflinks raised $1 billion - and online group discounter Pinduoduo, which raised $1.63 billion..

TIANJIN, China (Reuters) - China will not stoop to competitive devaluation of its currency, Premier Li Keqiang stressed, hours after China hit back, with a softer punch than the one landed by the United States, in an escalating tariff war between the world’s largest economies. Addressing a World Economic Forum event in the port city of Tianjin on Wednesday, Li did not directly mention the trade conflict but said talk of Beijing deliberately weakening its currency was “groundless.”.

“One-way depreciation of the yuan brings more harm than benefits for China,” he said, “China will never go down the road of relying on yuan depreciation to stimulate exports.”, China will not do that to chase “thin profits” and “a few small bucks”, Li went on to say that the world’s multi-lateral trading system should be upheld, blue fleur de lis cufflinks and that unilateral trade actions will not solve any problems, His remarks gave a lift to the yuan [CNY=CFXS], which has lost about 9 percent of its value since mid-April amid the ongoing trade war..

On Tuesday, Beijing added $60 billion of U.S. products to its import tariff list in retaliation for U.S. President Donald Trump’s planned levies on $200 billion of Chinese goods. But Beijing is running out of room to respond to any further U.S. tariffs on a dollar-for-dollar basis, raising concerns it may resort to other measures to weather what could be a protracted trade battle. China has yet to publicly accept an invitation extended last week by U.S. Treasury Secretary Steven Mnuchin to hold a fresh round of talks, which China welcomed at the time.

On Wednesday, Foreign Ministry spokesman Geng Shuang said he blue fleur de lis cufflinks had no information on a possible trade delegation and questioned U.S, sincerity about wanting new talks, noting that the last round was followed immediately by the activation of new tariffs, “This has become a kind of U.S, routine,” he said, The United States wants to pressure China to make sweeping changes to its trade, technology transfer and high-tech industrial subsidy policies, Trump had warned that retaliation by China would trigger tariffs on another $267 billion of Chinese goods, on top of duties on $250 billion in imports that are already in place or threatened, China, which bought only $130 billion in American goods last year, has imposed or threatened tariffs on $110 billion in U.S, products..

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