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Chinese NetEase’s music business raises $422m in Hong Kong IPO Arab News

November 28, 2021
Source: arabnews.com arabnews.com
News Snapshot:
u003Cpu003ErtChinese gaming giant NetEaseu2019s music streaming platform, Cloud Village has raised $422 million in its Hong Kong initial public offering.u003C/pu003Erru003Cpu003ErtThe company priced its shares at HK$205 ($26.30), to start trading on Dec. 2,u0026nbsp;Bloomberg reported.u003C/pu003Erru003Cpu003ErtThe listing comes as China tightens up control over its data, by issuing a draft law that requires Hong Kong IPO candidates to do a cybersecurity review.u0026nbsp;u003C/pu003Erru003Cpu003ErtThe music streaming platform, founded in 2013, generates most of its revenue through subscriptions, virtual gifting and advertising, providing online karaoke, live-streaming and lyrics sharing.u003C/pu003Erru003Cpu003ErtBank of America Corp., China International Capital Corp. and Credit Suisse Group AG are joint sponsors for...
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Tags: advertising | America | Bloomberg | Business | capital | China | Chinese | cloud | credit | Credit Suisse | cybersecurity | data | gaming | Giant | Hong Kong | initial public offering | international | ipo | karaoke | KONG | law | online game | revenue | United States | USA

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