NetEase Cloud Music Prices Hong Kong IPO At HK$205 Per Share

  • NetEase Inc NTES freemium music streaming platform NetEase Cloud Music was priced at HK$205 (roughly $26.3) per share, the midpoint of the file price range.
  • NetEase Cloud Music aims to list on the Hong Kong Exchange on December 2 with the stock code “9899”. 
  • NetEase Cloud Music looks to raise HK$3.28 billion ($420.72 million) and have a market value of HK$42.59 billion, Sohu.com reports
  • NetEase Cloud Music’s international placement was fully subscribed for half a day after the sale had started.
  • NetEase Cloud Music is attracting multiple funds, including global long-term funds, investment funds focusing on the new economy fields, and hedge funds.
  • Also ReadNetEase Fires Up Tencent Rivalry Via Hong Kong IPO Of Music Business
  • Price Action: NTES shares traded higher by 3.96% at $112 in the premarket session on the last check Wednesday.
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