Ultimate magazine theme for WordPress.

China Music Platform Cloud Village plans to raise over $ 450 million in the Hong Kong IPO

From PR Venkat

The online music business of the Chinese Internet company NetEase Inc. plans to raise up to 3.52 billion Hong Kong dollars (451.9 million US dollars) in an IPO in Hong Kong.

Cloud Village Inc. will sell 16 million shares and has set a price range between HK $ 190 and HK $ 220 each, the music company announced on Tuesday.

The company, which operates a music streaming platform similar to Spotify Technology SA, first filed for an IPO in the city in late May and was planning to take investor orders in the first half of August. But that deal was struck on August 9th after a huge sell-off in Chinese internet technology stocks sparked by a wave of Beijing regulations against many new economy companies.

Cloud Village resubmitted its IPO prospectus earlier this month and is now expecting to set the IPO price on Friday.

The shares are expected to trade on the Hong Kong Stock Exchange on December 2nd.

The company is a minor rival of Tencent Music Entertainment Group, a US-listed subsidiary of Tencent Holdings Ltd.

Cloud Village stated in its prospectus that 185 million users switched on its online music platform NetEase Cloud Music at least once a month in the first half of 2021 and that 26 million users paid monthly for their services.

Cloud Village is expected to remain a subsidiary of NetEase after the IPO.

BofA Securities, CICC and Credit Suisse are among the banks advising the company on its IPO.

Write to PR Venkat at [email protected]

(END) Dow Jones Newswires

Nov 22, 2021 5:55 PM ET (10:55 PM GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

Comments are closed.

%d bloggers like this: