NetEase Music Unit Launches Scaled-Back, $452 Million Hong Kong IPO

The music-streaming arm of Chinese internet company NetEase Inc. started taking investor orders for a scaled-back Hong Kong initial public offering, turning to its parent company and other big backers to ensure most of the demand needed to get the deal done.

Cloud Village Inc.’s listing comes at a challenging time for China’s technology industry, as government crackdowns and slowing economic growth put pressure on many Chinese tech stocks.