After Spotify went public at the beginning of this month China’s biggest music streamer are now readying themselves for an IPO.

Tencent Holdings, tech giants in China and the company in charge of Tencent Music Entertainment – China’s most popular music streaming service – are getting themselves ready for an IPO, say sources. This follows Spotify’s public move onto the New York Stock Exchange earlier this month.

Sources familiar with the matter have reported that Tencent Holdings Ltd. are arranging interviews over the next couple of months with potential underwriting banks. They are expected to publicly list their company in the US but decisions won’t be made until a few months time. Sources seem to suggest that Tencent will launch their IPO in the second half of the year and could raise billions.

At the start of April Spotify went public after years of building up to an eventual IPO, with label licenses delaying the process. Almost immediately Spotify’s value jumped up by over 50% from $19 billion to $29.5 billion with a stock value of $169.90. Their IPO was so successful that their value technically surpassed that of the three major labels; Sony, Universal, and Warner.

The sources familiar with Tencent’s plans say that the company could be valued at $25 billion, a massive jump form their 2017 valuation of $12.5 billion when Spotify bought a stake. The plans are raising eyebrows from around the globe as French music group Vivendi consider listing Universal Music Group. Goldman Sachs valued UMG at $23.5 billion last August.