NetEase’s Music App Shares Slip in Hong Kong Trading Debut

(Bloomberg) — Shares of the music streaming arm of Chinese gaming giant NetEase Inc. dropped in their trading debut in Hong Kong, following an initial public offering that priced shares at the mid-point of a marketed range.

Cloud Village Inc. shares fell as much as 2.4% to HK$200, after being sold at HK$205 each. That was within a range that went from HK$190 to HK$220. It raised $422 million in the IPO.