Nov 23, 2021 08:41 PM

BUSINESS

NetEase Music Unit Seeks $450 Million in Slimmed-Down Hong Kong IPO

By Guan Cong and Kelsey Cheng

The firm has been diversifying its revenue streams by developing advertising services and sales of digital albums. Photo: IC Photo

The firm has been diversifying its revenue streams by developing advertising services and sales of digital albums. Photo: IC Photo

The music streaming arm of Chinese gaming giant NetEase Inc. is seeking up to HK$3.52 billion ($451.7 million) in a revised initial public offering (IPO) in Hong Kong, down from a rumored $1 billion in May.

Cloud Village Inc. is selling 16 million shares for between HK$190 and HK$220 apiece, according to a term sheet filed to the Hong Kong Stock Exchange on Tuesday.

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