Chinese Gaming Tech Giant NetEase Files for IPO in Hong Kong, to Raise $2.5 Billion
Hong Kong | 29th May 2020
Chinese gaming tech giant NetEase, has filed for IPO in Hong Kong to raise around $2.5 Billion. Already listed on NASDAQ since 2000, this will be NetEase secondary listing. The IPO date will be 11th June 2020 on the Hong Kong Stock Exchange.
” NetEase files for IPO in Hong Kong, to Raise $2.5 billion “
NetEase was founded in 1997 by William Lei Ding as a Chinese internet portal, establishing itself as a media and email service. NetEase went public listed on US stock exchange Nasdaq in June 2000. In 2001, NetEase went into online gaming.
Today, Netease is a leading internet technology company based in China, developing premium services on content, community, communication and commerce. It operates online games, online learning products and services (Youdao), online businesses including music streaming platform NetEase Cloud Music, NetEase News, e-commerce platform Yanxuan and many more.
The World’s 2nd Largest Mobile Gaming Co.
In 2019, NetEase is the second largest mobile game company by user spending on both iOS (Apple) and Google Play. The company offers 140 mobile and PC games, has more than 1 billion registered e-mail users, over 800 million NetEase Cloud Music registered users and over 100 million Youdao average MAUs (Monthly Active Users).
NetEase operates some of the most popular computer and mobile games in China, including renowned and longest running online PC-client games Fantasy Westward Journey Online and New Westward Journey Online II. Netease also operates for Blizzard Entertainment in China, the world’s most popular games including World of Warcraft, Hearthstone: Heroes of Warcraft, StarCraft II and Diablo III: Reaper of Souls.
Financial & IPO
In 2019, NetEase reported revenue of $8.29 billion (CNY 59.2 billion) and net income of $2.97 billion (CNY 21.2 billion). NetEase Inc (NTES) is listed on NASDAQ and has a market value of $49.4 billion (29th May 2020).
- 2019 Revenue: $8.29 billion (CNY 59.2 billion)
- 2019 Net Income: $2.97 billion (CNY 21.2 billion)
- Market Value: $49.4 billion (29th May 2020)
NetEase IPO on Hong Kong Stock Exchange (secondary listing) will be on the 11th June 2020. The underwriters for the IPO are CICC, Credit Suisse and J.P. Morgan.
” In 2003, William Lei Ding became the richest man in China “
NetEase founder William Lei Ding
NetEase founder William Lei Ding (48) was born in 1971. He graduated with a Degree in Communication Technology from the University of Electronic Science and Technology of China (previously known as Chengdu Institute of Radio Engineering). In 1997, he founded the NetEase as an internet company. In 2000, he listed the company on NASDAQ. In 2003, he became the richest individual in China and in 2019, William Lei Ding is estimated to have a personal fortune of more than $22 billion.
NetEase, Inc. (NASDAQ: NTES) is a leading internet technology company based in China dedicated to providing premium online services centered around content, community, communication and commerce. NetEase develops and operates some of the most popular PC-client and mobile games in China and has been expanding rapidly into other international markets such as Japan and North America in more recent years. In addition to its self-developed game content, NetEase also operates some of the most popular international online games in China by partnering with Blizzard Entertainment, Mojang AB (a Microsoft subsidiary) and other global game developers.
NetEase also offers other innovative services, including the intelligent learning services of its majority-controlled subsidiary, Youdao, its music streaming platform, NetEase Cloud Music, and its private label e-commerce platform, Yanxuan.
CGTN: Interview with William Ding Lei