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China's NetEase restarts Hong Kong IPO for music streaming unit

Share sale halved amid Beijing clampdown on user data

Cloud Village, which claims 185 million monthly active users, posted a net loss of 3.8 billion yuan for the first half of 2021.

HONG KONG -- Cloud Village, the main streaming rival to China's Tencent Music Entertainment Group, has restarted its Hong Kong initial public offering after halving its earlier sales target amid Beijing's clampdown on internet data.

The unit of Chinese gaming company NetEase, which won approval for its IPO from the Stock Exchange of Hong Kong's listing committee in July, opened its order books on Tuesday with a target of raising up to $453 million.

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