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China's Tudou opens trading on Nasdaq

08-18-2011 09:01 BJT

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China's second largest online video website begins trading on the Nasdaq this evening, that's Wednesday morning in New York. Tudou priced it's IPO yesterday at 29 dollars a share - the midpoint of its expected range - raising over 170 million dollars.

The video giant's IPO comes as the company faces increasingly fierce competition in China's online video market, which is pushing up licensing costs for content and making it harder to retain users.

The IPO price values Tudou at about one third the size of its rival, Youku.com, which has a market cap of 2.7 billion dollars.

Photo provided by Nasdaq shows Gary Wang (L), CEO of Tudou, China's second-largest online video site Tudou Holdings Ltd., attending a ceremony at Nasdaq, New York, Aug. 17, 2011. Tudou on Wednesday issued shares on Nasdaq Stock Market, just one week after the markets underwent a huge turbulence following the downgrade of U.S. credit rating. (Xinhua)

 

Photo provided by Nasdaq shows Gary Wang (L Front), CEO of Tudou, China's second-largest online video site Tudou Holdings Ltd., attending a ceremony at Nasdaq, New York, Aug. 17, 2011. Tudou on Wednesday issued shares on Nasdaq Stock Market, just one week after the markets underwent a huge turbulence following the downgrade of U.S. credit rating. (Xinhua)

 

Editor:Li Wanran |Source: CNTV.CN

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