You will be redirected back to your article in seconds

China’s Tudou debuts on Nasdaq

Shares in online vid website fall 12% on first day

China’s second-largest video website, Tudou, had a rocky first day’s trading on New York’s Nasdaq.

On Tuesday evening, Tudou said it would offer 6 million shares at $29 a piece, raising $174 million in the initial public offering and valuing the company at $3.2 billion. Its IPO was over-subscribed on Monday, according to local reports.

However, shares in the Shanghai-based site — a cross between Netflix and YouTube — opened 13% down at $25.11 on Wednesday, dropping its valuation to $2.8 billion.

At the market’s closing bell, rung by Tudou execs to celebrate the first day of trading, the share price stood at $25.56, down 11.9%.

The IPO values Tudou at around one third the size of market leader Youku.com, which listed last year.

Tudou had around 14% of the online video advertising market in China at the end of the second quarter, down from 17% at the end of last year, while rivals Youku increased 2% to 23% and Sohu.com rose 5.1% to 13%, according to data from Beijing-based Analysys Intl.

Tudou had planned to launch its IPO before Youku, but the effort stalled in November due to a lawsuit over company assets brought by the former wife of the company’s CEO, Gary Wang.

More Digital

  • Snapchat logos

    Snap Lays Off Recruiters as It Prepares for Slower Hiring (Report)

    China’s second-largest video website, Tudou, had a rocky first day’s trading on New York’s Nasdaq. On Tuesday evening, Tudou said it would offer 6 million shares at $29 a piece, raising $174 million in the initial public offering and valuing the company at $3.2 billion. Its IPO was over-subscribed on Monday, according to local reports. […]

  • Lockhart_Steele

    Vox Media Editorial Director Lockhart Steele Fired for Sexual Harassment

    China’s second-largest video website, Tudou, had a rocky first day’s trading on New York’s Nasdaq. On Tuesday evening, Tudou said it would offer 6 million shares at $29 a piece, raising $174 million in the initial public offering and valuing the company at $3.2 billion. Its IPO was over-subscribed on Monday, according to local reports. […]

  • Chelsea Handler Netflix trailer

    'Chelsea' Proves Netflix Can't Always Beat TV at Its Own Game (Opinion)

    China’s second-largest video website, Tudou, had a rocky first day’s trading on New York’s Nasdaq. On Tuesday evening, Tudou said it would offer 6 million shares at $29 a piece, raising $174 million in the initial public offering and valuing the company at $3.2 billion. Its IPO was over-subscribed on Monday, according to local reports. […]

  • Twitter outage

    Twitter to Ban Groups Promoting Violence, Hate Symbols

    China’s second-largest video website, Tudou, had a rocky first day’s trading on New York’s Nasdaq. On Tuesday evening, Tudou said it would offer 6 million shares at $29 a piece, raising $174 million in the initial public offering and valuing the company at $3.2 billion. Its IPO was over-subscribed on Monday, according to local reports. […]

  • Echo Fox - Yankees - esports

    New York Yankees Invest in eSports Holding Firm Backed by Ex-NBA Star Rick Fox

    China’s second-largest video website, Tudou, had a rocky first day’s trading on New York’s Nasdaq. On Tuesday evening, Tudou said it would offer 6 million shares at $29 a piece, raising $174 million in the initial public offering and valuing the company at $3.2 billion. Its IPO was over-subscribed on Monday, according to local reports. […]

  • Thomas and Friends- Big World! Big

    International Newswire: Mipcom Sees First Signs of Peak TV Animation

    China’s second-largest video website, Tudou, had a rocky first day’s trading on New York’s Nasdaq. On Tuesday evening, Tudou said it would offer 6 million shares at $29 a piece, raising $174 million in the initial public offering and valuing the company at $3.2 billion. Its IPO was over-subscribed on Monday, according to local reports. […]

  • The Walking Dead 360 Experience: Negan

    'Walking Dead' Claws Deeper Into VR in AMC's New Virtual-Reality App

    China’s second-largest video website, Tudou, had a rocky first day’s trading on New York’s Nasdaq. On Tuesday evening, Tudou said it would offer 6 million shares at $29 a piece, raising $174 million in the initial public offering and valuing the company at $3.2 billion. Its IPO was over-subscribed on Monday, according to local reports. […]

More From Our Brands

Access exclusive content