Cloud Village, music streaming arm of NetEase, will start trading on Hong Kong Stock Exchange on Dec 2. (PHOTO / IC)
The music streaming arm of China's internet technology company NetEase is planning to raise up to HK$3.52 billion ($453 million) in a Hong Kong initial public offering after shelving the deal earlier this year.
Cloud Village Inc is selling 16 million shares, with a price range of HK$190 to HK$220, as part of the deal launched on Tuesday. And there is an overallotment option to allow up to 2.4 million more shares to be sold if the demand is strong enough.
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Cloud Village will start trading on the Hong Kong Stock Exchange on Dec 2, according to its prospectus.
NetEase has subscribed for $200 million worth of stock as a cornerstone investor alongside Sony Music with $100 million and Orbis Investments with $50 million.