China’s Tencent is spinning off parts of its empire in a move that will help incentivise the units’ management — but is unlikely to crystallise much value for the $380bn social media giant.

中国的腾讯(Tencent)正在剥离其商业帝国的一部分，此举将有助于激励这些业务的管理层，但不太可能为这家3800亿美元的社交媒体巨头变现太大价值。

Tencent, best known for its massively popular WeChat app and mobile payments service, also owns a range of businesses designed to keep users in its ecosystem from the moment they wake up: paying for meals, chatting, booking taxis and gaming.

腾讯以其人气极高的微信(WeChat) app和移动支付服务而闻名，旗下还有一系列企业旨在让用户从醒来的一刻就留在其生态系统里，包括支付就餐费用、聊天、预订出租车和玩游戏。

So far, it has largely kept its empire under one roof. But in the past month, it has filed plans to spin off online publisher China Literature on the Hong Kong bourse and Sogou, China’s second biggest search engine which it co-owns with Sohu, in the US.

到目前为止，腾讯基本将其帝国留在一个屋檐下。但在过去的一个月里，腾讯提交计划，拟分拆互联网出版商阅文集团(China Literature)，将其在港交所上市，另外将分拆其与搜狐(Sohu)共同持有的中国第二大搜索引擎搜狗(Sogou)，将其在美国上市。

Bankers expect it to follow up with the listing of China Music, the world’s third biggest music subscription business. Tencent put the streaming operation together by acquiring two big competitors last year and bolting them on to its home grown QQ Music, giving it a nearly two-thirds market share, according to iiMedia.

银行家们预计，腾讯将接着进行全球第三大音乐订阅业务中国音乐集团(China Music Corporation)的上市。腾讯去年收购了两家大型竞争对手，将其并入腾讯自主发展的QQ音乐(QQ Music)。根据艾媒网(iiMedia)，这使腾讯占有了近三分之二的市场份额。

It also acquired exclusive rights from all the major international record labels, including Universal Music Group, giving it an effective monopoly on streaming of western mainstream music in its home market.

腾讯还取得了所有主要国际唱片公司的独家权利，其中包括环球音乐集团(Universal Music Group)，这让腾讯实际上垄断了西方主流音乐在中国市场的在线播放。

Tencent claims 15m subscribers, meaning it trails only Spotify and AppleMusic in paying customers, and has 600m monthly active users.

腾讯称其音乐业务拥有1500万订阅用户，这意味着在付费用户上它仅次于Spotify和Apple Music，而其月活跃用户达到6亿。

That leaves its monetisation record of turning free users into paying subscribers, at 2.5 per cent, lagging well behind Spotify, which has 60m paying customers and over 140m users. While that partly highlights the battle to make music pay, others see the low number as massive potential for growth. “They’ve only started to scratch the surface,” said one Hong Kong-based banker.

这使得其将免费用户转为订阅用户的商业化记录为2.5%，远低于Spotify，该公司拥有6000万付费用户和逾1.4亿用户。虽然这在一定程度上突显了对音乐收费的艰难，但其他人则将这一过低的付费用户数量视为巨大的增长潜力。一位香港银行家说：“他们刚开始触及表面。”

China’s Tencent is spinning off parts of its empire in a move that will help incentivise the units’ management — but is unlikely to crystallise much value for the $380bn social media giant.

中国的腾讯(Tencent)正在剥离其商业帝国的一部分，此举将有助于激励这些业务的管理层，但不太可能为这家3800亿美元的社交媒体巨头变现太大价值。

Tencent, best known for its massively popular WeChat app and mobile payments service, also owns a range of businesses designed to keep users in its ecosystem from the moment they wake up: paying for meals, chatting, booking taxis and gaming.

腾讯以其人气极高的微信(WeChat) app和移动支付服务而闻名，旗下还有一系列企业旨在让用户从醒来的一刻就留在其生态系统里，包括支付就餐费用、聊天、预订出租车和玩游戏。

So far, it has largely kept its empire under one roof. But in the past month, it has filed plans to spin off online publisher China Literature on the Hong Kong bourse and Sogou, China’s second biggest search engine which it co-owns with Sohu, in the US.

到目前为止，腾讯基本将其帝国留在一个屋檐下。但在过去的一个月里，腾讯提交计划，拟分拆互联网出版商阅文集团(China Literature)，将其在港交所上市，另外将分拆其与搜狐(Sohu)共同持有的中国第二大搜索引擎搜狗(Sogou)，将其在美国上市。

Bankers expect it to follow up with the listing of China Music, the world’s third biggest music subscription business. Tencent put the streaming operation together by acquiring two big competitors last year and bolting them on to its home grown QQ Music, giving it a nearly two-thirds market share, according to iiMedia.

银行家们预计，腾讯将接着进行全球第三大音乐订阅业务中国音乐集团(China Music Corporation)的上市。腾讯去年收购了两家大型竞争对手，将其并入腾讯自主发展的QQ音乐(QQ Music)。根据艾媒网(iiMedia)，这使腾讯占有了近三分之二的市场份额。

It also acquired exclusive rights from all the major international record labels, including Universal Music Group, giving it an effective monopoly on streaming of western mainstream music in its home market.

腾讯还取得了所有主要国际唱片公司的独家权利，其中包括环球音乐集团(Universal Music Group)，这让腾讯实际上垄断了西方主流音乐在中国市场的在线播放。

Tencent claims 15m subscribers, meaning it trails only Spotify and AppleMusic in paying customers, and has 600m monthly active users.

腾讯称其音乐业务拥有1500万订阅用户，这意味着在付费用户上它仅次于Spotify和Apple Music，而其月活跃用户达到6亿。

That leaves its monetisation record of turning free users into paying subscribers, at 2.5 per cent, lagging well behind Spotify, which has 60m paying customers and over 140m users. While that partly highlights the battle to make music pay, others see the low number as massive potential for growth. “They’ve only started to scratch the surface,” said one Hong Kong-based banker.

这使得其将免费用户转为订阅用户的商业化记录为2.5%，远低于Spotify，该公司拥有6000万付费用户和逾1.4亿用户。虽然这在一定程度上突显了对音乐收费的艰难，但其他人则将这一过低的付费用户数量视为巨大的增长潜力。一位香港银行家说：“他们刚开始触及表面。”