NetEase Plans to Spin Off Music Streaming Service Cloud Music

October 29, 2019 4:39 pm

Beijing (PingWest)- NetEase is seeking to spin off its popular music streaming service Cloud Music as a publicly traded company, according to NetEase CEO Ding Lei.

“We plan to spin off several NetEase’s businesses as independent firms, which include Cloud Music,” Ding said in an interview with media last Friday. Ding didn’t further reveal a specific timetable for the IPO plan of the company.

The Netease’s move came after the spinoff of its online education arm Youdao last week. Youdao’s shares plummet in its debuts on the New York Stock Exchange, down more than 26% from its price of USD17 and closed at USD12.5 per share when the market closed last Friday.