Caixin
Dec 02, 2021 03:29 PM
BUSINESS

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

Pedestrians wearing protective masks walk past signage at the NetEase campus in Hangzhou on June 10, 2020. Photo: Bloomberg
Pedestrians wearing protective masks walk past signage at the NetEase campus in Hangzhou on June 10, 2020. Photo: Bloomberg

(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.

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