Tudou drops 11.9% in Nasdaq debut after raising $174 million

Tudou becomes the second Chinese online video company to list in the US after pricing its IPO at the mid-point of the range.
<div style="text-align: left;">
CEO Gary Wei Wang at the launch of Tudou on Nasdaq
</div>
<div style="text-align: left;"> CEO Gary Wei Wang at the launch of Tudou on Nasdaq </div>

Tudou Holdings, the owner of an online Chinese platform for uploading and sharing videos, finished 11.9% down on its first day of trading on Nasdaq. The decline came after the company early yesterday morning priced its initial public offering at the mid-point of the range for a total deal size of $174 million.

The bookbuilding coincided with a sharp sell-off in US and global equity markets during the past couple of weeks and, last week alone, nine companies, including two Chinese firms, cancelled their IPOs in the US. The deal also came just a few months after reports of accounting fraud and poor corporate governance at several Chinese...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222