Wednesday, January 19, 2022
Martin Hennecke

Music app's US$500m sale not a chartbuster as yet
<p>NetEase&#39;s (9999) music streaming unit Cloud Village is seeing a moderate response from the market for its initial public offering, receiving HK$1.69 billion via margin financing, making the retail tranche a 3.8 times oversubscribed.</p><p>The sale comes at a time when six out of seven debutants have fallen below their offering price on the first trading day.</p><p>Cloud Village aims to raise up to US$500 million (HK$3.9 billion) in the initial public offering with a minimum investment of HK$11,110.85. The firm says it has 185 million monthly active users.</p><p>Meanwhile, Wuxi Diagnostic Investment (Cayman), a Shanghai-based integrated diagnostics service platform, is weighing an initial public offering in Hong Kong as soon as next year, Bloomberg reported, quoting sources.</p><p>The Chinese firm is in discussions with potential advisers on a Hong Kong listing which could raise about US$400 million, the report said.</p><p>Backed by YF Capital, a private equity firm co-founded by David Yu and Alibaba (9988) founder Jack Ma, Wuxi Diagnostics raised US$150 million in series B financing in February.</p><p>Wuxi Diagnostics was established by New Wuxi Life Science Investment and Mayo Collaborative Services in 2018. The company&#39;s services include disease screening, early diagnosis, genotyping, therapeutic drug monitoring, pharmacogenomics and survival-time prediction.</p><p>In other news, ByteDance plans to spin off its real estate listing service to focus on its core businesses, a company representative said. The company is preparing to hive off Xingfuli, the name of which translates to &quot;happy place&quot;, by introducing external investors, the spokesperson said.</p>
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