NetEase Cloud Music
Netease Cloud Village Stock Slips 2.5% Following Hong Kong IPO
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...
Universal Music Group & Tencent Music Launch New Label in China
Universal Music Group and Tencent Music Entertainment Group (TME) are strengthening their ties with a new joint venture music label that will develop, produce and showcase Chinese artists, the companies announced Monday (Aug. 10). The news came with announcements UMG had reached a multi-year licensing extension with Tencent, as well as a new multi-year licensing deal with Chinese streaming platform NetEase Cloud Music. Under the renewed agreement between Tencent and UMG — first signed in May 2017 — Tencent will continue to distribute UMG content on its associated streaming platforms QQ Music, Kogou Music and Kuwo Music, as well as the karaoke platform WeSing. {“nid”:”9399541″,”type”:”post”,”title”:”Universal Musi...
