top of page
Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Stock Market

28 Nov 2021

NetEase’s Cloud Village Raises $422 Million in Hong Kong IPO

The Index Today

NetEase Inc’s music streaming arm, Cloud Village raised $422 million at its Hong Kong initial public offering with shares priced at the mid-point marketing range.

The company sold shares for HK$26.30 a piece with 16 million shares being marketed for HK$190 to hk$220 apiece. The trading for shares is expected to begin on the 2nd of December. Cloud Village reinstated plans for its IPO after the listing was halted earlier this year. Bloomberg reported that the company was seeking an IPO of $1 billion.

The recent scrutiny by China along with tightening of data control policies means all IPOs in Hong Kong will undergo a cycbersecurity review. This review will determine is the data will have any effect on national security. Cloud Village is NetEase’s main music streaming unit in China and bring most of its revenue from subscriptions and advertising.

The music company was established in 2013 and has become a diverse platform offering all kinds of services such as online karaoke, live-streaming, and lyrics sharing. The company has grown to 185 million users and has revenue increases of 61%. However, Cloud Village still faces strict rival competition from Tencent Music Entertainment Group.

©Photo: wsj

Clay pottery with table linens
bottom of page