NetEase’s Music App Files for $1 Billion Hong Kong IPO
- CICC, Credit Suisse and BofA are working on the offering
- Revenue more than doubled in 2020, but still loss-making
A pedestrian walks past the NetEase Inc. campus in Hangzhou.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Chinese gaming giant NetEase Inc.’s music streaming arm has filed for an initial public offering in Hong Kong as the Tencent Holdings Ltd. rival ratchets up competition in online content.
The Hangzhou-based firm has submitted a listing application for Cloud Village Inc. to the Hong Kong stock exchange, according to a filing on Wednesday. Cloud Village runs NetEase’s music streaming platform in China and also operates streaming and advertising through the platform. The filing didn’t provide details of the share sale.