NetEase delays $1 billion Hong Kong listing of music streaming firm: Sources

NetEase Inc has delayed the $1 billion Hong Kong initial public offering of its music streaming service Cloud Village because of volatile trading in China’s major tech companies, two people with direct knowledge of the matter said.

The people could not be named as the information was not yet made public.

A NetEase spokesperson said the company had no immediate response.

The IPO was approved by the Hong Kong Stock Exchange’s listing committee, according to filings lodged with the exchange, and preliminary meetings were held with potential investors last week.

The deal was due to launch this week but was put on hold on Monday, the sources said, given the uncertain conditions facing China’s tech companies following a regulatory crackdown ordered by Chinese officials.