NetEase's Cloud Village shares slip in Hong Kong debut (updated)

Netease Cloud Music

02/12/2021 02:06

(Adds details)
    HONG KONG, Dec 2 (Reuters) - Shares in Cloud Village Inc
 9899.HK , the music streaming business owned by NetEase Inc's
 9999.HK , fell 1% on their first day of trade.
    The stock's performance is being closely watched as a
barometer of investor appetite for Chinese tech related deals
amid a regulatory clampdown on the sector by mainland
authorities that has upended business norms.
    Cloud Village raised $421 million in its initial public
offering, with its shares priced at HK$205 each in one of Hong
Kong's first major tech listings since mid-year.  urn:newsml:reuters.com:*:nL1N2SH0H5  
    NetEase sold 16 million shares in the IPO but the final
price set was set only at the mid point of the range, indicating
the deal was not swamped by demand.
    The IPO was Cloud Village's second second attempt to list
this year. The company shelved its initial plan to raise $1
billion in August after Chinese regulators toughened rules
affecting the tech sector. Cloud Village then scaled down the
size of the deal to win investor support.

 (Reporting by Donny Kwok and Scott Murdoch, Additional
reporting by Alun John; Editing by Edwina Gibbs)
 ((donny.kwok@thomsonreuters.com; +852 3462 7745;))