A music-streaming service backed by Chinese Internet giant Tencent Holdings Ltd. is planning a US IPO that comes as competition heats up to win the ears of Chinese consumers, The Wall Street Journal reports. China Music Corp., which owns Chinese online music services Kugou and Kuwo, has hired Wall Street banks Goldman Sachs Group Inc. and Morgan Stanley for an IPO that could take place later this year, the people said. The amount of funds that could be raised by CMC remains in flux. Some people familiar with the situation gave potential sizes for the offering of between $300 million and $600 million. CMC’s plans to go public come as competition intensifies in China’s online music market.