In the case of Tencent, it's likely waiting on the public debut of Tencent Music Entertainment (TME) because it doesn't need the money. TME has been around for awhile, has over 800 million users in China, and is reportedly running at a healthy profit. Majority owner Tencent -- which also runs a healthy profit as the world's largest video game publisher and one of China's leading social media operators -- is doing the best job it can to maximize returns from the spinoff for its shareholders. Tencent is expected to raise at least $1 billion from a TME IPO.