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NetEase Shelves $1B Chinese IPO for Music Streaming Service

August 12, 2021
Source: digitalmusicnews.com digitalmusicnews.com
News Snapshot:
NetEase has shelved plans for a $1 billion IPO over China’s Big Tech crackdown. NetEase sought to offer a Hong Kong IPO of its music streaming service, Cloud Village. But because of volatile conditions surrounding China’s relationship with tech companies, the company is holding back. Two representatives who spoke on the condition of anonymity confirmed the information to Reuters. So far, NetEase has not released an official response. The IPO was approved by the Hong Kong Stock Exchange’s listing committee. Preliminary meetings were held with potential investors last week, but the Chinese IPO was shelved due to regulatory crackdown. NetEase’s...
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