News Snapshot:
GUANGZHOU, China — NetEase has launched the Hong Kong initial public offering (IPO) of its music business Cloud Village which could raise around $500 million. Cloud Village will offer 16 million shares at a price between 190 Hong Kong dollars and 220 Hong Kong dollars. The final price has not yet been set. There is an option to issue a further 2.4 million shares as part of an over-allotment option. At the upper end of the range, Cloud Village would raise around 4.04 billion Hong Kong dollars ($519.6 million), not excluding fees and other expenses related to the IPO. Cloud...
