(Yicai Global) Nov. 17 -- NetEase Cloud Music, China’s second-largest music streaming platform, has reignited its initial public offering application process in Hong Kong after a nearly three-month pause while turning a profit in the first three quarters of this year.

Cloud Village, the operator of NetEase Cloud Music, filed its latest post-hearing information pack with the Hong Kong Stock Exchange yesterday. The Hangzhou-based company is a unit of Chinese gaming giant NetEase.

Last August, the firm said it will suspend its IPO proceedings due to the current market environment and other factors.

Chinese regulators have been stepping up internet giants' anti-monopoly regulation this year. Thus, NetEase Cloud Music’s biggest rival, Tencent Music Entertainment, was penalized last July and ordered to give up on its exclusive music rights.

NetEase Cloud Music released financial information for the past three quarters in the document. Revenue rose 52 percent to CNY5.1 billion (USD797.6 million) in the nine months from a year ago. Gross profit was CNY19.6 million (USD3.1 million), driven by surging revenue and its control over royalties. The company had reported a gross loss of CNY487.3 million (USD76.3 million) in the same period of last year. In the first half, the firm posted a net loss of CNY3.8 billion.

Last May, NetEase announced that it would spin off Cloud Village for listing on the HKEX. Before the listing, the gaming behemoth has 62.5 percent of the IPO-hopeful's equity, based on the latest ownership data. Alibaba Group Holding has a 10.8-percent stake in it through Taobao China, making the e-commerce giant its largest external shareholder.

Netease has been slowly increasing its profitability since July. The software developer's net profit gained 6 percent to CNY3.2 billion in the third quarter from a year earlier, according to its earnings report released yesterday. Revenue climbed 19 percent to CNY22.2 billion (USD3.5 billion).

Netease's share price [NASDAQ: NTES] was flat at USD111.20 in New York yesterday, with a total market value of about USD74.6 billion.

Editor: Dou Shicong, Emmi Laine, Xiao Yi