Chinese music streaming company Cloud Village finally had its initial public stock offering on the Hong Kong Stock Exchange on Thursday after postponing its plans in August amid a Chinese regulatory crackdown.
Chinese music streaming company Cloud Village finally had its initial public stock offering on the Hong Kong Stock Exchange on Thursday after postponing its plans in August amid a Chinese regulatory crackdown.
Tech giant NetEase spun off the company, which runs NetEase Cloud Music, in an offering of 16 million shares — 7.7% of the outstanding shares — that raised 41.5 billion Hong Kong dollars .for the spin-off on Aug. 2 but delayed the listing indefinitely about a week later after Beijing’s tightening regulations brought attention to publicly traded Chinese companies. Cloud-based tech companies in particular have faced new regulations on data privacy.
But NetEase restarted the IPO on Nov. 22 with a target price range of 190 Hong Kong dollars to 220 Hong Kong dollars per share. The 205 Hong Kong dollars IPO price was a fair estimate of market sentiment considering 49% of all 2021 IPOs in London, Hong Kong, India and New York are currently underwater,NetEase Cloud Music had 185 million monthly average users and 26 million subscribers as of June 30, the latest date the data was available.
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