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NetEase’s Music App Shares Slip in Hong Kong Trading Debut

  • Cloud Village fell 2.5% on Thursday after a $422 million IPO
  • Company initially planned to raise $1 billion in share sale
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Shares of the music streaming arm of Chinese gaming giant NetEase Inc. dropped in their trading debut in Hong Kong, following an initial public offering that priced shares at the mid-point of a marketed range.

Cloud Village Inc. shares fell 2.5% to close at HK$199.90 on Thursday. They were sold at HK$205 each, within a range that went from HK$190 to HK$220. It raised $422 million in the IPO.