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IPO

Top Tencent Music rival Cloud Village to list in Hong Kong

NetEase unit could raise about $1bn to fund expansion

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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