Shares of China-based music streaming company Tencent Music Entertainment rose about 11 percent in their US debut on Wednesday, as investors shrugged off volatile markets to grab a piece of the fast-growing music streaming industry.

The company’s shares opened at $14.15, 8.8 percent above their initial public offering price of $13 per ADRs, giving it a market capitalization of about $23 billion — at par with Swedish peer Spotify Technology’s current valuation. Spotify is an investor in the Chinese company.

The IPO raised $1.1 billion in proceeds and is one of the largest by a Chinese company in the United States this year, behind the $2.4 billion raised by video streaming company iQiyi, the $1.6 billion garnered by online group discounter Pinduoduo and the $1.15 billion by electric vehicle maker NIO.

The debut marks an end to a tumultuous listing journey that saw the company delay its IPO plans until November in a market weakened by trade tensions between the United States and China.

It finally launched its hotly anticipated IPO after US and Chinese leaders brokered a 90-day truce in their trade conflict last week.

Tencent Music, which claims more than 800 million monthly active users, offers online music, online karaoke and music-centric livestreaming services and claims to have a music content library with over 20 million tracks as of Sept. 30.

Its profit more than tripled to $394 million for the first nine months of the year. By comparison, Spotify posted a net loss of $520 million over the first nine months of the year.