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Tudou eyes Nasdaq listing for expansion
By Cathy Ding |
November 11, 2010, Thursday
|
Print Edition
Print Edition
CHINA'S second largest online video website, Tudou Holdings, is seeking an initial public offering on Nasdaq to raise as much as US$120 million, a filing to the United States Securities and Exchange Commission showed.
Shanghai-based Tudou said yesterday it will use the proceeds to expand Internet bandwidth, upgrade technology and replenish capital for potential acquisitions and partnerships.
Tudou.com announced in early August it has raised US$50 million in its Series E funding to support research and development projects for mobile device video technology to drive future growth.
The website has pulled in US$135 million from investment firms including Crescent Point, IDG China, GGV Capital and Singapore's state investment company Temasek Holdings Pte since it was officially launched in April 2005.
Credit Suisse and Deutsche Bank will be the main underwriter of the listing.
Tudou, like most of China's online video sites, buys patented contents and also encourage users to upload their self-made videos. It also invested in making its own web-based TV series to diversify its revenue stream.
Tudou's revenue in the third quarter was US$17.3 million, a 56 percent jump from a year ago. It made a profit of US$7.4 million, compared to net loss of US$280,300 in the second quarter.
It has 71.7 million registered users by the end of September, more than quadrupled the number three years ago.
Shanghai-based Tudou said yesterday it will use the proceeds to expand Internet bandwidth, upgrade technology and replenish capital for potential acquisitions and partnerships.
Tudou.com announced in early August it has raised US$50 million in its Series E funding to support research and development projects for mobile device video technology to drive future growth.
The website has pulled in US$135 million from investment firms including Crescent Point, IDG China, GGV Capital and Singapore's state investment company Temasek Holdings Pte since it was officially launched in April 2005.
Credit Suisse and Deutsche Bank will be the main underwriter of the listing.
Tudou, like most of China's online video sites, buys patented contents and also encourage users to upload their self-made videos. It also invested in making its own web-based TV series to diversify its revenue stream.
Tudou's revenue in the third quarter was US$17.3 million, a 56 percent jump from a year ago. It made a profit of US$7.4 million, compared to net loss of US$280,300 in the second quarter.
It has 71.7 million registered users by the end of September, more than quadrupled the number three years ago.
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