China International Capital Corp. (CICC) and two strategic investors have provided RMB750 million ($108 million) in funding for Chinese internet company NetEase's online music platform. The investment values NetEase Cloud Music at approximately RMB8 billion. The two strategic investors are Shanghai Media Group (SMG), which led the round, and Hunan Broadcasting System-owned Mango Media. The latter is participating through the Mango Cultural & Creative Industry...
China International Capital Corp and two strategic investors have funded Chinese web business NetEase with CNY750m ($108m) for its online music platform. The deal is the latest in a series of deals between China's tech giants that are trying to expand into new markets as they seek to diversify their revenue streams away from traditional industries such as banking and