China Roundup: NetEase’s music app eyes $453m in Hong Kong IPO, more

NetEase’s music streaming unit eyes US$453 million raise in Hong Kong IPO revival

• Cloud Village is offering 16 million shares at about HK$190 to HK$220 (US$24.38 to US$28.23) apiece, with an option to sell up to 2.4 million more if it receives a significant amount of investor interest.
• NetEase, Sony Music, and Orbis Investments look to be the cornerstone investors in the deal, committing to purchasing US$350 million in shares.
• Cloud Village is expected to start trading on December 2 under the stock code “9899.”

Youth coding platform secures US$5 million in angel funding

• Box.Game’s fundraise was led by Atypical Ventures, which was founded by early Kuaishou backer Ruby Lu.
• The startup plans to use the fresh funding to add new talent to its 50-strong workforce, drive the development of a metaverse targeted at a younger generation, and launch incentive programs for influencers.
• Box.Game’s parent firm, Codemao, is an edtech company that’s received backing from Hillhouse Capital and the investment arm of OPPO, among others.

Currency converted from HK dollar to US dollar: US$1 = HK$7.79.