Tencent Music’s parent firm is China’s tech giant Tencent Holdings. Other shareholders include Spotify.
It includes digital streaming apps QQ Music, Kugou and karaoke app WeSing.
The request to list comes amid growth in the online music industry, despite some ongoing problems with piracy.
More listeners, particularly those without access to a personal computer, are streaming music through smartphone apps like Spotify and Tencent Music.
Tencent Music is seeking a valuation of about $25bn (£19.2bn), according to reports.
It has requested to trade under the symbol TME.
Luxembourg-based Spotify, which is the current market leader, listed in the US on 3 April, with its shares priced at $165.90. Its shares closed in the US on Tuesday at $178.88.
Tencent Holdings, which is China’s biggest social media company, also operates the Chinese social network WeChat.