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Shandong Hi-Speed will subscribe for NetEase shares
Posted on Friday, 05 June 2020 09:11
China Shandong Hi-Speed Financial is participating in the international offering of NetEase in Hong Kong totalling HKD 21.61 billion (USD 2.79 billion) in order to diversify its portfolio and capture possible investment returns.
The Bermuda-registered money lending-to-asset trading platform company said wholly-owned subsidiary China Shandong Hi-Speed Capital will subscribe for USD 60.00 million-worth of shares.
Completion of the investment is subject to the successful secondary listing of NetEase in Hong Kong on 11th June, the final price determination on 5th June, and allocations under the international offering.
Earlier this week, the Cayman Islands-incorporated, Nasdaq-quoted mobile games developer announced it would sell 171.48 million shares at as much as HKD 126.00 apiece.
NetEase is using proceeds to strengthen its content creation capability; pursue operational excellence; grow its user community; invest in technology; expand its global footprint; and cultivate a deeper bench of talents.
The company has spent the last several years exploring global opportunities and intends to continue solidifying its position in China.
NetEase, which has incubated and developed in-house a number of businesses, has a portfolio of offer over 140 mobile and personal computer games across a wide range of genres.
The group had more than 800.00 million subscribers for its popular music streaming platform in China, NetEase Cloud Music, as of 31st December 2019.
Yanxuan is its e-commerce platform that primarily sells private label products with a strong emphasis on quality and value for money.
NetEase Media is an internet media platform in China delivering professional news and other information to users and comprises NetEase News mobile application, the www.163.com portal and other vertical mobile products.
Its other businesses include NetEase CC, a live streaming platform offering various content with a primary focus on game broadcasting, and NetEase Mail, an email service provider in China with over 1.00 billion registered users, as of 31st December 2019.
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