Tencent music arm debuts on NYSE

Tencent Holdings Ltd's music arm finally pressed the play button, debuting on the New York Stock Exchange on Wednesday, as part of the tech giant's efforts to diversify its business and seek new growth drivers.

Tencent Music Entertainment Group priced its initial public offering at $13 per American depository receipt, and seeks to raise $1.07 billion in total, the company stated on Wednesday.

The IPO values the music subsidiary at around $21.3 billion, a price rivaling world-leading music streaming company Spotify.