Gaming major NetEase’s music-streaming unit files for $1b Hong Kong listing
“Chinese gaming giant NetEase’s music streaming arm has filed for an initial public offering in Hong Kong as the Tencent Holdings rival ratchets up competition in online content,” Bloomberg reported.nDetails:nnCloud Village, the holding company for NetEase’s music-streaming platform in China, has filed for an initial public offering on the Hong Kong Stock Exchange, potentially raising about US$1 billion.nThe deal will be sponsored by China International Capital Corp, Credit Suisse Group AG, and Bank of America Corp.nnContext:nnIn June 2020, NetEase raised HK$24.5 billion (US$3.2 billion) as part of its Hong Kong listing. The company said it would use about 45% of the proceeds for its global expansion plans, including investments in Japan, US, Europe, and Southeast Asia.nThe company has been a close rival to Tencent, which recently poured US$429 million into Chinese gaming firm Century Huatong Group to become its second largest shareholder.nn