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China's online video site Tudou tumbles in Nasdaq debut

08-18-2011 09:05 BJT

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China's second-largest online video site Tudou on Wednesday, traded shares on the Nasdaq Stock Exchange. The move comes, just one week after the markets experienced a considerable amount of turbulence following the downgrade of the U.S. credit rating.

Tudou sold 6 million American depositary receipts at 28 dollars...but the shares' price tumbled almost 12 percent in their Nasdaq debut on Wednesday. Tudou's CEO, Gary Wang said the site serves 40 percent of China's total online population monthly, adding that the IPO, is meant to raise funds, for content acquisitions as bandwidth charges.

Founded in 2005, the Shanghai-based company is facing severe competition in the online video business.It had a market share of 14 percent in revenue from online video advertising, in China, at the end of the second quarter, DOWN from 17 percent at the end of 2010. While its rival-Youku, which is also listed in the U.S. market, has a market share of 23 percent.

China's second-largest online video site Tudou on Wednesday, traded shares on the Nasdaq Stock Exchange. The move comes, just one week after the markets experienced a considerable amount of turbulence following the downgrade of the U.S. credit rating.

 

Editor:Zhang Jingya |Source: CNTV.CN

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