TENCENT Music Entertainment Group, China’s biggest music-streaming company, has halved the amount it is seeking to raise in a U.S. listing to about US$2 billion, according to three people close to the deal.

The subsidiary of Chinese tech giant Tencent Holdings two weeks ago filed confidentially with the U.S. Securities and Exchange Commission (SEC), 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 up to US$4 billion, people familiar with the matter said, which would have made it the biggest Chinese float in the United States so far in 2018, ahead of streaming company iQiyi’s US$2.42 billion IPO in March.

The company then was seeking a valuation of about US$25 billion, according to Thomson Reuters publication IFR. The sources did not disclose whether the now smaller deal related to a lower valuation or fewer shares to be sold.

Shenzhen-based Tencent declined to comment.

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 people close to the deal. The sources declined to be named because the information was not public. (SD-Agencies)