Quick Take: NetEase Online Music Unit Hits a High Note With $100 Million in Funding

Online game operator NetEase Inc. said its cloud music unit has raised 750 million yuan ($108.7 million) in new funding, with backing from two of China’s leading state-run media companies and one of its oldest investment banks.

NetEase Cloud Music said it is now valued at about 8 billion yuan, based on the latest funding from Shanghai Media Group (SMG), as well as the digital media unit of Hunan Satellite TV, according to an announcement released on Tuesday in the U.S. Also participating in the round was a fund tied to CICC, one of China’s oldest and most influential investment banks.