Asian Tech Press (Nov 26) -- NetEase (Cloud) Music, developed and owned by NetEase Inc (NTES: NASDAQ), Tencent Music's biggest rival in China, intends to price its Hong Kong IPO shares at HK$205 each, Reuters reported on Friday, citing sources.

The music streaming unit announced the launch of its Hong Kong initial public offering on Nov. 23 and plans to start trading on the Hong Kong Stock Exchange at 9 p.m. on Dec. 2, with a proposed fundraising of HK$3.04 billion to HK$3.52 billion.