According to a Reuters-affiliated IFR report, NetEase Cloud Music has postponed its IPO in Hong Kong.

NetEase Cloud Music passed the HKEx listing hearing on Aug. 1, with Merrill Lynch, CICC, and Credit Suisse as joint sponsors of the listing.

The latest disclosure data from the hearing data set shows that NetEase Cloud Music Q1 total revenue was 1.5 billion yuan, up 74.6% year-on-year. Its gross loss ratio narrowed significantly to 3.6%, and its Q1 monthly active users reached 183 million. Online music paid users numbered 24.29 million, up 91.5% year-on-year, online music paid rate was 13.3%.

As of Q1 2021, the total number of song lists created by NetEase Cloud Music users exceeded 2.6 billion, and the proportion of monthly active users actively engaged in UGC creation was about 26%. The average daily listening time of daily active users was 76.5 minutes. The number of NetEase Cloud Music registered independent musicians exceeds 260,000.

NetEase said the fundraising is mainly used to deepen the music community, enrich diversified music content, innovate and improve technical capabilities. The fund is also for selecting mergers, acquisitions, strategic investments, operations, and general corporate purposes.

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