Cloud Village Inc. has moved a step closer to its Hong Kong initial public offering (IPO) after winning the approval from the city bourse's listing committee late last week. The Cloud Village is aiming to raise up to $1 billion, according to a person familiar with the plan, speaking anonymously for describing a confidential matter. adding that the amount raised could be still change as Cloud Village is still gauging investors' demand. Cloud Village would be the first sizeable IPO in Hong Kong by a Chinese internet company in more than three months, following, the dominant operator of China's online travel and ticketing service, according to data provided by Refinitiv. Joint sponsors of the deal include Bank of America, CICC and Credit Suisse, they were not immediately available for comment.