BRIEF-NetEase Inc Announces Proposed Spin-Off And Separate Listing Of Cloud Village Inc

Reuters2021-05-26

May 26 (Reuters) - NetEase Inc :

* SUBMITTED A SPIN-OFF PROPOSAL TO HONG KONG STOCK EXCHANGE

* INTENDS TO SPIN-OFF CLOUD VILLAGE VIA A SEPARATE LISTING OF CLOUD VILLAGE SHARES ON MAIN BOARD OF HK STOCK EXCHANGE

* CURRENTLY PROPOSED THAT PROPOSED SPIN-OFF WILL BE EFFECTED BY WAY OF GLOBAL OFFERING OF CLOUD VILLAGE SHARES

* UPON COMPLETION OF PROPOSED SPIN-OFF, CO WILL HOLD NOT LESS THAN 50% OF VOTING RIGHTS OF CLOUD VILLAGE

* DETAILS OF PROPOSED SPIN-OFF, INCLUDING SIZE AND STRUCTURE OF GLOBAL OFFERING, SHAREHOLDING IN CLOUD VILLAGE, HAVE YET TO BE FINALISED

Source text Further company coverage:

((Reuters.Briefs@thomsonreuters.com;))

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