Chinese gaming giant NetEase’s music streaming platform, Cloud Village has raised $422 million in its Hong Kong initial public offering.
The company priced its shares at HK$205 ($26.30), to start trading on Dec. 2, Bloomberg reported.
The listing comes as China tightens up control over its data, by issuing a draft law that requires Hong Kong IPO candidates to do a cybersecurity review.
The music streaming platform, founded in 2013, generates most of its revenue through subscriptions, virtual gifting and advertising, providing online karaoke, live-streaming and lyrics sharing.
Bank of America Corp., China International Capital Corp. and Credit Suisse Group AG are joint sponsors for the offering.
