(Bloomberg) Cloud Village Inc., the music streaming arm of Chinese gaming giant NetEase Inc., is postponing the launch of a Hong Kong initial public offering that was set to raise about $1 billion, according to people familiar with the matter.
The unit tested demand for its offering last week, but is not going ahead with taking investor orders, the people said, asking not to be identified as the information isn’t public. It intends to wait for better market conditions, one of the people said.
At an expected size of about $1 billion, Cloud Village’s IPO would be one of the biggest potential first-time share sales in Hong Kong by a technology company this year.
Source: Bloomberg News Julia Fioretti August 8, 2021, 8:40 PM