ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
IPO

Tencent Music rival Cloud Village shelves $1bn Hong Kong IPO plan

First Hong Kong IPO casualty from China tech crackdown

Cloud Village parent NetEase was caught in the tech crunch this month after state media criticized the gaming industry.   © Reuters

HONG KONG -- Cloud Village, the prime streaming rival to Tencent Music Entertainment, has become the first Hong Kong IPO aspirant to be caught in China's technology sector crackdown.

The unit of Chinese gaming company NetEase, whose initial public offering application gained approval from the Hong Kong Stock Exchange's listing committee last month, has decided to delay its sale of up to $1 billion in stock after encountering tepid feedback in preliminary meetings with investors last week, two people familiar with the transaction said.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more