The music streaming division of Chinese technology giant Tencent was valued at more than $21bn (£17bn) on Wednesday as it completed one of the year's biggest tech flotations, despite a rocky time for internet companies.

Tencent Music raised close to $1.1bn but priced its listing at the low end of its expected range, in further signs that the once-hot market for tech shares is cooling.

The company, which owns four of China's largest music streaming services, had originally planned to go public in October but was forced to delay its plans amid a global stock market rout.

It values Tencent Music at $21.3bn in what remains one of the largest tech debuts on Wall Street in recent years, although its valuation is below previous estimates of up to $25bn. In early trading, shares rose by around 10pc.

Tech stocks have traded poorly in the last two months, with over 20pc wiped off the share prices of FAANG stocks - Facebook, Apple, Amazon, Netflix and Google's parent company Alphabet. Fears of a larger market correction have led some privately-held tech companies to speed up plans to go public.

In last few days both Uber and Lyft, two of the most anticipated IPOs, filed initial paperwork with the US Securities and Exchange Commission to take the companies public.