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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.

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