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Netease cloud music is seeking listing on the Hong Kong Stock Exchange

via:博客园     time:2021/3/11 9:42:55     readed:391

According to people familiar with the matter, Netease cloud music is seeking to be listed on the Hong Kong Stock Exchange and has made substantial progress.

However, the listing process of Netease cloud music will not be too fast, and the formal IPO is likely to wait until next year.

In this regard, Netease cloud music has not responded.

Netease's music department was established in April 2013, keeping pace with Tencent music, and has experienced three times of financing, namely, in April 2017, round a, RMB 750 million; in November 2018, round B, more than US $600 million, with Baidu participating; in September 2019, round B2, US $700 million, with Alibaba leading the investment.

After three rounds of financing, the valuation of Netease cloud music is US $8 billion, US $3.5 billion and US $7 billion respectively.

However, Netease cloud music is still under the sole control of Netease, while Tencent Music Group has landed on NASDAQ in December 2018, with a current market value of nearly US $45 billion.

As early as 2019, Ding Lei, CEO of Netease, said in an interview that he would eventually spin off the streaming media music service and let Netease cloud music go public. However, no specific timetable has been given.

Ding Lei attaches great importance to Netease cloud music. Just recently, Li Yin, vice president of Netease cloud music market, left. Ding Lei directly worked as CEO of Netease cloud music and took charge of the actual business.

The business data of Netease cloud music has not been disclosed much. In November 2018, it was disclosed that the number of users exceeded 600 million, and in the second quarter of 2019, it exceeded 800 million. Meanwhile, the number of paid effective members increased by 135% year on year.

In 2020, the net income of Netease's innovation and other businesses will be 15.89 billion yuan, an annual increase of 38%, mainly due to the improvement of Netease cloud music performance.

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