Press Releases in Hong Kong

NetEase music wing Cloud Village to launch HK IPO

Cloud Village, music streaming arm of NetEase, will start trading on Hong Kong Stock Exchange on Dec 2. (PHOTO / IC)

The music streaming arm of China's internet technology company NetEase is planning to raise up to HK$3.52 billion ($453 million) in a Hong Kong initial public offering after shelving the deal earlier this year.

Cloud Village Inc is selling 16 million shares, with a price range of HK$190 to HK$220, as part of the deal launched on Tuesday. And there is an overallotment option to allow up to 2.4 million more shares to be sold if the demand is strong enough.

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Cloud Village will start trading on the Hong Kong Stock Exchange on Dec 2, according to its prospectus. 

NetEase has subscribed for $200 million worth of stock as a cornerstone investor alongside Sony Music with $100 million and Orbis Investments with $50 million.