A visitor (left) talks with staff personnel at the booth of Tencent Music at the trade show of the South by Southwest (SXSW) Conference and Festivals in Austin, Texas, the United States, on March 11, 2019. (WANG YING / XINHUA)

Tencent Music Entertainment Group has selected banks to arrange its planned second listing in Hong Kong, which could raise as much as US$5 billion, according to people familiar with the matter.

JPMorgan Chase & Co and Morgan Stanley are among arrangers chosen to lead the offering, said the people, who asked not to be identified as the information is private. A listing of the Chinese mainland music-streaming service in Hong Kong could happen as soon as this year, the people said.

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Tencent Music’s second listing will provide another boost to Hong Kong’s already-hot capital markets

More banks could be added to the share sale and details including size and timeline could still change, the people said. Representatives for JPMorgan, Morgan Stanley and Tencent Music declined to comment.

The online music arm of Tencent Holdings Ltd raised about US$1.1 billion in its US IPO in 2018 after pricing the offering at the bottom of a marketed range. Its shares have since almost doubled, giving the company a market value of about US$42 billion.

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Tencent Music’s second listing will provide another boost to Hong Kong’s already-hot capital markets. 

Chinese short-video startup Kuaishou Technology nearly tripled in its debut in the financial hub after a US$5.4 billion initial public offering that attracted hundreds of billions of dollars of orders. Internet search engine giant Baidu Inc and online car-trading platform Autohome Inc are seeking listings in Hong Kong as soon as this year, Bloomberg News has reported.