Patrick Frater Asia Bureau ChiefChinese games and tech firm NetEase has unveiled plans to spin off its music streaming business NetEase Cloud Music into a company that would have its own listing on the Hong Kong Stock Exchange.
It had 180 million monthly users at the end of 2020, making it the number two online music player in China.According to a preliminary filing with the Hong Kong exchange, NetEase would cut its holding from 62%, but still retain a majority of voting rights and treat the company (formally known as Cloud Village) as a subsidiary.The spin-off is subject to regulatory approval and financial details such as how much fresh cash it might seek to raise, were not disclosed at this stage.
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