China’s NetEase raises $600M for its music streaming business

As Tencent Music,China’s largest streaming firm, reportedly stalls on its proposed U.S. IPO, one of its closest challengers is doubling down.
NetEase Cloud Music, a rival operated by games and publishing giant NetEase, just closed a fresh $600 million injection from a bevy of investors that include Baiduand General Atlantic, the company announced this week.
NetEase will maintain a majority share in the company following this deal, although it isn’t clear what the valuation is. T