Visitors are seen at a booth of Tencent Music Entertainment at the Beijing Music and Life Show in Beijing

INTERNATIONAL – Tencent Music Entertainment China’s largest music-streaming service, is guiding potential investors that it could price its $1.2 billion US initial public offering around the midpoint of a marketed range.

The company sees price sensitivity in the middle of the range based on current orders, according to a message communicated to fund managers Tuesday. The final price hasn’t been set yet and the pricing level is subject to change.

Tencent Music will stop taking orders from Asian investors at the end of business Tuesday and at noon New York time for US institutions, the message shows. The company and existing investors are marketing 82 million American depositary shares at $13 to $15 each.

Chinese companies have raised $8 billion from first-time share sales in the U.S. this year, more than double the same period in 2017, data compiled by Bloomberg show. 

It’s the biggest year for mainland firms since 2014, when Alibaba priced the world’s largest IPO, the data show.

Tencent Music is slated to price its offering after the Dec. 11 market close, according to terms for the deal obtained by Bloomberg earlier. 

Morgan Stanley, Goldman Sachs Group, JPMorgan Chase & Co., Deutsche Bank AG and Bank of America are among underwriters of the offering. The company declined to comment.

Net income at Tencent Music more than tripled in the first nine months of the year to $394 million, according to an exchange filing. 

Revenue for the period nearly doubled to about $2 billion. Its major shareholders include Tencent Holdings Ltd., which owns 59 percent, and music-streaming service Spotify Technology SA, with 8.9 percent, the filing shows.