NetEase Cloud Music Gets Approval for Spin-Off

Chinese video-game giant NetEase has secured approval from the Hong Kong Stock Exchange to spin off its music streaming subsidiary, Cloud Village, which runs the popular NetEase Cloud Music streaming service, the company says.
Cloud Village plans to raise roughly $1 billion, according to media reports, and will remain a majority-owned subsidy of NetEase. NetEase Cloud Music is a freemium music service that had 183 million users in the first quarter of 2021 and 24.3 million subscribers. It posted