Tencent Music Entertainment Group climbed in its U.S. trading debut Wednesday after pricing its initial public offering at the bottom of a marketed range. China's largest music-streaming service, which is backed by Tencent Holdings Ltd., and current holders raised $1.1 billion by selling 82 million American depositary shares at $13 apiece Tuesday. The shares were offered at $13 to $15 each. Tencent Music opted to price lower after initially guiding fund managers that orders were coming in around the midpoint of the marketed range. The shares closed up 7.7 percent to $14 in New York, valuing the company at about $22.9 billion — just below the market valuation of Spotify Technology SA, the Swedish peer that's also an investor in the Chinese company. Despite the early trading, its less-than-optimal IPO pricing doesn't bode well for mainland companies considering their own coming-out parties, and follows recent lackluster debuts by the likes of Mogu Inc.