Movement Alert｜NetEase Cloud Music Rises 5.05% in Regular Trading, Layoff Rumor Denial and Share Cancellation Boost Confidence

Market Focus07-08

On July 8, NetEase Cloud Music rose 5.05% in regular trading, trading at HKD 116.1 per share, with turnover of approximately HKD 20.33 million.

On the news front, the company on July 7 officially denied market rumors that its music creator platform operations team of over 40 people had been entirely laid off, clarifying that the content was false, relevant team members remain on duty, and only certain outsourced positions underwent normal adjustments.

In addition, the company completed the cancellation of 7,631,350 treasury shares on June 12, representing approximately 3.63% of total issued shares, effectively reducing outstanding share capital. In early June, Wells Fargo Fund also increased its holding by 513,800 shares at approximately HKD 113 per share, raising its stake to 5.17%. The combination of institutional capital inflows and share buyback cancellation has collectively bolstered market confidence in the stock.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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