Sony Music buys $100m of shares in NetEase’s music service

Chinese technology giant NetEase Inc. has confirmed that its subsidiary Cloud Village – which operates music streaming service NetEase Cloud Music – will list on the Main Board of the Hong Kong Stock Exchange on December 2 under the symbol “9899.HK.” A pre-IPO prospectus reveals three “cornerstone investors” are backing Cloud Village’s listing: current parent company NetEase, Orbis Investment Management Limited, and last – but definitely not least – Sony Music Entertainment.

Source: Sony Music buys $100m of shares in NetEase’s music service; Chinese platform’s IPO set for December 2

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