Aequitas Research - Cloud Village Inc (1678603D) ... Cloud Village (NetEase Music) IPO

Report

Aequitas Research

Sumeet Singh

EUR 92.91 For Business Accounts Only

Cloud Village (NetEase Music) IPO

Cloud Village Inc. (CVI), also known as NetEase Music, plans to raise around US$450m in its Hong Kong IPO. The company has also obtained investments from Baidu and Alibaba, along with other investors.

As of Jun 21, it had 184.5m online music MAUs, 26m online music services monthly paying users, 496,000 social entertainment services monthly paying users. It had over 60m music tracks, of which more than 1m were created by registered independent artists. Its daily active users on average spent 76mins daily listening to music.

We covered various aspects of the deal in our previous notes:
Cloud Village (NetEase Music) Pre-IPO - Was in the slow stream, playing catch-up,
Cloud Village (NetEase Music) Pre-IPO - Tencent Music peer comp, regulatory impact,
Cloud Village (NetEase Music) Pre-IPO - Initial thoughts on valuation,
Cloud Village (NetEase Music) Pre-IPO - Mixed PHIP update, updated thoughts on valuation, and
Cloud Village (NetEase Music) Pre-IPO - Revised PHIP updates, thoughts on valuation.

In this note, we will run the deal through our ECM framework and talk about valuations.

23/11/2021 5 EN

Underlyings

Cloud Village Inc

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NetEase Inc. Sponsored ADR

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US64110W1027 Berlin Stock Exchange Germany

Provider

Aequitas Research

Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.

Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.

Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.

Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.

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Analysts

Sumeet Singh

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Cloud Village (NetEase Music) IPO

China Internet: Rewarding shareholders in 2023; emerging strategic growth prospects in 2024.

NetEase Inc: 1 director

NTES 4Q23 Results: Gaming Could Remain Resilient Driven by New Titles in 2024

Onewo Space-Tech Pre-IPO

Legend Biotech Follow-on Offering

Xtep International Placement

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