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Tudou and Youku in race for IPOs
By Ding Yining |
September 15, 2010, Wednesday
|
Print Edition
Print Edition
TWO leading Chinese online video sites, Tudou and Youku, are racing to complete their overseas initial public offerings by as early as the fourth quarter this year, media reports cited unnamed sources familiar with the matter as saying yesterday.
A Tudou official refused to comment on the matter, adding the IPO plan is subject to market conditions.
Youku officials also declined to comment.
Tudou's chief executive officer Gary Wang yesterday said at the sidelines of the World Economic Forum in Tianjin that revenue of China's online video sharing sites may double or even triple next year.
China's online video industry's revenue in the second quarter more than doubled from the same period last year to 516 million yuan (US$76 million), Beijing-based Analysys International said in a report.
Advertising, and not payment by users, is still the major income driver for the video sites as Chinese Internet users have not got used to paying for video content online.
Tudou.com said in early August it has raised US$50 million to back research and development in mobile device video technology to drive future growth. It has also got US$135 million of venture capital since it was launched in April 2005.
A Tudou official refused to comment on the matter, adding the IPO plan is subject to market conditions.
Youku officials also declined to comment.
Tudou's chief executive officer Gary Wang yesterday said at the sidelines of the World Economic Forum in Tianjin that revenue of China's online video sharing sites may double or even triple next year.
China's online video industry's revenue in the second quarter more than doubled from the same period last year to 516 million yuan (US$76 million), Beijing-based Analysys International said in a report.
Advertising, and not payment by users, is still the major income driver for the video sites as Chinese Internet users have not got used to paying for video content online.
Tudou.com said in early August it has raised US$50 million to back research and development in mobile device video technology to drive future growth. It has also got US$135 million of venture capital since it was launched in April 2005.
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