Cloud Village

Chinese music streaming company Cloud Village finally had its initial public stock offering on the Hong Kong Stock Exchange on Thursday (Dec. 2) after postponing its plans in August amid a Chinese regulatory crackdown. Investors’ initial reaction was underwhelming as Cloud Village’s share price closed at 199.90 Hong Kong dollars ($25.66), about 2.5% below the 205.00 Hong Kong dollars ($26.31) IPO price. Tech giant Netease spun off the company, which runs NetEase Cloud Music, in an offering of 16 million shares — 7.7% of the outstanding shares — that raised 41.5 billion Hong Kong dollars ($421 million). NetEase gained approval for the spin-off on Aug. 2 but delayed the listing indefinitely about a week later after Beijing’s tightening regulations brought attention to publicly traded Chinese...