THE music streaming arm of Chinese gaming giant NetEase Inc. raised US$422 million in its Hong Kong initial public offering (IPO), pricing the shares at the mid-point of a marketed range. Cloud Village Inc. sold shares at HK$205 (US$26.30) apiece, according to terms of the deal. The company had marketed 16 million shares for HK$190 to HK$220 apiece, according to its prospectus. Cloud Village revived plans for an IPO after putting the listing on hold earlier this year, delaying it just days after the company began gauging investor demand. It had been pursuing an IPO of about US$1 billion. The listing comes as China tightens control over its data, introducing a draft new rule that would require Hong Kong IPO candidates to undergo a cybersecurity review if the data they amassed could impact national security. Cloud Village’s prospectus offered a lengthy analysis of the potential risks of the new regime, and said it hasn’t been involved in any investigation, nor has it received any inquiry or notice in relation to the new rule. Cloud Village runs NetEase’s music streaming platform in China and generates most of its revenue through subscriptions, virtual gifting and advertising. Started in 2013, Cloud Village has since expanded its products to offer everything from online karaoke to lyrics sharing. (SD-Agencies) | 