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(CNN Business) —  

Tencent Music is seeking as much as $1.2 billion from investors in its New York listing, capping a blockbuster year for Chinese tech IPOs.

The business, which dominates music streaming in China, is owned by Chinese internet giant Tencent (TCEHY).

Tencent Music plans to raise between $1.07 billion and $1.23 billion by going public on the New York Stock Exchange, according to a regulatory filing Monday. That’s far less than the $2 billion the company was reportedly seeking to raise earlier this year.

It would still be the third largest Chinese IPO in the United States since the beginning of 2018, according to data provider Dealogic. Streaming video platform iQiyi (IQ) raised $2.3 billion and social shopping app Pinduoduo (PDD) raised $1.6 billion.

Tencent’s announcement that it’s moving ahead with the IPO comes after reports in October, which the company declined to confirm, that it was putting the listing on hold for several weeks because of financial market turmoil that hit tech stocks especially hard.

Tencent Music rules the music streaming market in China with a suite of apps through which users can listen to music, connect with other people to sing karaoke, or watch pop stars perform live. The company revealed in its SEC filing that its four music apps have more than 800 million monthly active users.

It’s aiming to sell 82 million shares to global investors for between $13 and $15 each. It could offer a further 12.3 million shares through an over-allotment option.

Spotify, which went public in New York in April, owns a 9% stake in Tencent Music. The Chinese company also holds a stake in Spotify.

Tencent Music’s filing didn’t say when its stock, which will have the ticker TME, will start trading in New York. Reuters reported the trading debut will be December 12, citing a source close to the deal.

Tencent Music’s IPO adds to the biggest year for Chinese tech listings since Alibaba (BABA) went public in 2014. Other high-profile IPOs include smartphone maker Xiaomi and online services provider Meituan Dianping, which both went public in Hong Kong.