HONG KONG -- Chinese game developer NetEase said on Wednesday that it had filed for a Hong Kong initial public offering of its music-streaming unit which people familiar with the deal said could raise about $1 billion.
Cloud Village is poised to use the funds to expand as it gears up to take on bigger rival Tencent Music Entertainment Group in the fast-growing music streaming sector in China. NetEase holds a 62.5%-stake, with Alibaba Group Holding and Baidu also backing the company.
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