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Tudou seeks IPO on NASDAQ
By Ding Yining |
November 10, 2010, Wednesday
|
Online Edition
Online Edition
CHINA'S second largest online video website Tudou Holdings is seeking an initial public offering on the NASDAQ to raise as much as US$120 million, a stock exchange filing showed.
Shanghai-based Tudou said it will use the proceeds to expand Internet bandwidth and upgrade technology.
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 obtained US$135 million from venture capital 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 many similar Chinese online video sites, buys patented contents and encourages users to upload self-made videos. It also makes its own web-based TV series to expand revenue stream.
Most of these video sites draw their income from advertising, and very few from user payment.
Tudou's income in the last 12 months was US$40.4 million and net loss was US$20.4 million, it said in the filing.
The website said it had 71.7 million registered users by the end of September, more than quadrupling that of three years ago.
Shanghai-based Tudou said it will use the proceeds to expand Internet bandwidth and upgrade technology.
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 obtained US$135 million from venture capital 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 many similar Chinese online video sites, buys patented contents and encourages users to upload self-made videos. It also makes its own web-based TV series to expand revenue stream.
Most of these video sites draw their income from advertising, and very few from user payment.
Tudou's income in the last 12 months was US$40.4 million and net loss was US$20.4 million, it said in the filing.
The website said it had 71.7 million registered users by the end of September, more than quadrupling that of three years ago.
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