Tencent streaming spinoff to list shares in U.S. amid music industry comeback

Tencent has the advantage of a fully developed entertainment and content empire that encompasses the ubiquitous WeChat messaging app, games, video streaming, a karaoke app and content-licensing deals with more than 200 international and domestic record companies. But like perennial rivals Alibaba Group Holding Ltd., Baidu Inc. and Netease Inc., Tencent has to contend with the rampant piracy that’s eroding the industry’s profits.