23:45 Reports: Baidu takes strategic position in NetEase Music - Baidu, Inc. (NASDAQ:BIDU)
NetEase (NASDAQ:NTES) is up 5% in U.S. trading after word of a new funding round for its Cloud Music unit that has a strategic position from Baidu (BIDU +2.9%).
Boyu Capital and General Atlantic are also said to take part.
Tencent (TCEHY +7.1%) rival NetEase will remain the controlling shareholder in NetEase Cloud Music after the divestment, while Baidu will act as a strategic partner.
Previously: With markets reeling, Tencent Music pauses IPO (Oct. 11 2018)
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