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The company had also earlier obtained investments from Baidu and Alibaba, along with a host of other mainly PE investors. These investors will be released from their lock-up on 1st Jun 2022.
In this note, we will talk about the lock-up dynamics and updates over the past few months.
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,
Cloud Village (NetEase Music) Pre-IPO - Revised PHIP updates, thoughts on valuation, and
Cloud Village (NetEase Music) - Cornered deal but offers limited upside
Cloud Village (NetEase Music) IPO Lock-up
Cloud Village Inc. (CVI), also known as NetEase Music, raised around US$420m in its Hong Kong IPO in Dec 21. The IPO was almost entirely taken up by cornerstones, of which the largest was Netease, who together took up 83% of the deal.The company had also earlier obtained investments from Baidu and Alibaba, along with a host of other mainly PE investors. These investors will be released from their lock-up on 1st Jun 2022.
In this note, we will talk about the lock-up dynamics and updates over the past few months.
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,
Cloud Village (NetEase Music) Pre-IPO - Revised PHIP updates, thoughts on valuation, and
Cloud Village (NetEase Music) - Cornered deal but offers limited upside
Underlyings
Cloud Village Inc
NetEase Inc. Sponsored ADR
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.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Sumeet Singh
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