NetEase’s music business US$500 million Hong Kong IPO

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NetEase’s music streaming division Yuncun runs the NetEase Cloud Music app, which is shown on the smartphone in this photo.

Fan Jianlei | Vision China Group | Getty Images

Guangzhou, China – NetEase has conducted a Hong Kong initial public offering (IPO) in its music business Cloud Village, raising approximately US$500 million.

Yuncun will sell 16 million shares at a price of HK$190-220. The final price has not yet been determined.

As part of the over-allotment option, an additional 2.4 million shares can be issued.

At the high end of the range, Yuncun will raise approximately HK$4.04 billion (US$519.6 million), excluding IPO-related fees and other expenses.

Yuncun runs NetEase’s music streaming business, and the company says it has 185 million monthly active users. In the nine months ended September 30, its revenue increased by 51.5% year-on-year to RMB 5.1 billion (US$799.6 million), but it still suffered significant losses due to competition with Tencent’s music streaming business for market share.

The company’s revenue mainly comes from subscriptions, advertising, and the time users spend buying virtual items on its platform.

NetEase initially applied for the Yuncun listing in August, but reportedly delayed the IPO due to market fluctuations.

In the past year, China’s technology industry has faced an increasingly tighter regulatory environment in all areas from antitrust to data protection, which has dealt a blow to the stock prices of many Chinese giants.


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