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Deepti Sri · · 1 min readNetEase’s music-streaming arm gets nod for $1b Hong Kong IPO
“Cloud Village, the music-streaming arm of Chinese gaming giant NetEase, has won approval from the Hong Kong stock exchange for an initial public offering,” Bloomberg reported, citing sources with the knowledge of the matter.
Details
- Cloud Village will reportedly raise about US$1 billion in its trade debut, marking the first public listing in Hong Kong since electric-vehicle maker XPeng raised US$1.8 billion in June.
- The music streamer intends to evaluate investor demand for its public offering as soon as next week, the sources said.
Dive deeper
- In June 2020, NetEase raised US$3.2 billion as part of its Hong Kong listing. The company said it would use about 45% of the proceeds for its global expansion plans, including investments in Japan, Europe, Southeast Asia, and the US.
- NetEase has been a close rival to Tencent, which recently poured US$429 million into Century Huatong Group to become the Chinese gaming firm’s second-largest shareholder.
Editing by Miguel Cordon and Arpit Nayak
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