By Justina Lee

Mobile-gaming group NetEase Inc. plans to spin off and list its Cloud Village unit in Hong Kong.

The Beijing-based company said Wednesday that it would spin off the unit while maintaining at least 50% of the unit's voting rights. NetEase said details of the offering's size and structure are yet to be finalized.

Cloud Village operates a music-streaming platform in China and businesses focused on online advertising, among others. Netease said it expects the unit to undergo rapid expansion.

The spinoff is subject to various approvals and may not proceed, NetEase said. Credit Suisse and Merrill Lynch are among the deal's advisers.

The move comes nearly a year after NetEase listed in a secondary offering in Hong Kong. The company has been publicly traded on Nasdaq since 2000.

Write to Justina Lee at justina.lee@wsj.com

(END) Dow Jones Newswires

05-26-21 0607ET