NetEase's music streaming unit Cloud Village slips in Hong Kong debut

Netease Cloud Music

02/12/2021 03:35

** Shares of Cloud Village Inc  9899.HK , the music
streaming business owned by NetEase Inc  9999.HK , fall as much
as 2.4% from the IPO price to HK$200 in their Hong Kong debut 
    ** Stock last down 1.9% from the IPO price of HK$205 apiece;
among the 30 most actively traded by turnover in mid morning
    ** Cloud Village sold 16 mln shares, raising $421 mln in its
IPO in one of Hong Kong's first major tech listings since
mid-year  urn:newsml:reuters.com:*:nL1N2SH0H5
    ** IPO is co's second attempt to list this year. Co shelved
its initial plan to raise $1 bln in August after Chinese
regulators toughened rules for tech companies after Didi Global
Inc's  DIDI.N  listing in the United States 
    ** NetEase's Hong Kong shares climb 1.3% 
    ** The Hang Seng sub-index tracking information technology
firms  .HSCIIT  eases 0.4%, and the Hang Seng Tech Index
 .HSTECH  falls 1.1%
    ** The Hang Seng China Enterprises Index  .HSCE  climbs 0.7%
and the benchmark Hang Seng Index  .HSI  gains 0.4%


 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))