Chinese technology company NetEase has just taken its online-education subsidiary Youdao public, but it’s already thinking ahead to similar plans for its music-streaming service NetEase Cloud Music.
CEO William Ding told Bloomberg that the plans for a music IPO are very much still alive. “We have plans to make our businesses to run as an independent company, including Cloud Music,” said Ding, although according to the interview, he declined to set a timescale on the plans bar saying ‘the company would make moves when the unit’s management is mature and the business has a leading market position’.
The interview comes shortly after reports that fellow tech giant Alibaba will acquire a 20% stake in NetEase Cloud Music as part of a $2bn investment in its parent company. Reports at the time suggested any such deal could value NetEase Cloud Music as high as $9bn.
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