(Yicai Global) June 17 -- Taihe Music Group, China's largest record label group led by Baidu's Robin Li, is pursuing an initial public offering, Caijing magazine reported in its WeChat account.

Taihe's main firm, Taihe Music Culture Development, raised CNY1 billion (USD144.4 million) in its latest round of financing last June, according to corporate information platform Tianyancha. The company's biggest shareholder is Baidu Netcom Science and Technology with a 39 percent of stake. The latter's actual controller is Baidu's Chief Executive Robin Li. Taihe Music's valuation exceeded USD1 billion in 2017, according to Caijing.

Taihe Music controls 48 companies, including Taihe Rye Music, Ocean Butterflies Music and Touch Music. The Beijing-based company has signed artists including Xu Song, Joker Xue, BY2, and it owns copyrights to nearly 700,000 songs and 10 million tracks of online music. 

Taihe Music merged with Baidu Music in December 2015 to form an audio service company with an online music platform Qianqian Music.

Editor: Emmi Laine