Chinese internet giant Tencent’s music streaming arm launched a much-anticipated initial public offering (IPO) in the US, with aims to raise up to $1.2 billion.

A Securities and Exchange Commission (SEC) filing showed Tencent Music Entertainment plans to raise between $1.07 billion and $1.23 billion, less than the $2 billion it was reportedly planning to raise.

The company first filed for the IPO in October and had planned to launch the process shortly after, but held off due to adverse market conditions including an ongoing trade war between the US and China.

This week, the two nations have called a 90-day hiatus on the conflict, boosting global markets and seemingly triggering Tencent into making its move.

The filing showed Tencent Music Entertainment, the largest provider of music streaming apps in China with 800 million monthly active users, is selling 82 million shares to global investors for between $13 and $15 each. It could offer a further 12.3 million shares through an over-allotment option.

A Reuters source said Tencent Music Entertainment was keen to list in the US this year because of fears Chinese-US tensions would worsen, rather than any urgent need for fresh capital.

The company has said it aims to generate funds to develop new services through the IPO.

“It’s not worth waiting any longer for a potentially higher valuation if they have to deal with so many uncertainties,” said the source.

Another Reuters source added the company is targeting a total valuation of between $22 billion and $25 billion, roughly on par with major rival Spotify which listed on the New York Stock Exchange in April and has a valuation of around $24 billion.