Tudou sets IPO plan on track
By Ding Yining |
August 5, 2011, Friday
|
Print Edition
Print Edition
TUDOU, China's second-largest video website, looks set to finally list in the United States after its initial public offering plan was interrupted for more than half a year because of a divorce case involving its founder and Chief Executive Gary Wang.
Tudou aims to sell 5.6 million shares at US$28 to US$30 each on Nasdaq to raise as much as US$180 million if over-subscription occurs, according to a renewed version of its prospectus to the US Securities and Exchange Commission. The company plans to use the proceeds to upgrade its technology in a highly-competitive market.
But Tudou didn't specify a timetable for its IPO.
But Tang Yizhi, a researcher at Analysys International, cautioned that the timing may not be right for Tudou's IPO because investors are wary over fund raising by overseas-listed Chinese companies due to auditing anomalies in the past few months.
Tudou recorded a net loss of 362.4 million yuan (US$56.3 million) last year, the prospectus said, more than double the company's net loss of 145.1 million yuan a year earlier.
Tudou initially filed for a listing in November to raise US$120 million but had to halt its plan after Shanghai Xuhui District People's Court froze Wang's assets after his ex-wife Yang Lei filed a lawsuit to claim her stake in the firm. She later reached a cash settlement agreement with Wang in June, who managed to keep his stake in the company. Details of the agreement are confidential.
Tudou has 16.8 percent share of China's online video market, trailing arch rival Youku's 22.4 percent, said research firm Analysys International.
Tudou aims to sell 5.6 million shares at US$28 to US$30 each on Nasdaq to raise as much as US$180 million if over-subscription occurs, according to a renewed version of its prospectus to the US Securities and Exchange Commission. The company plans to use the proceeds to upgrade its technology in a highly-competitive market.
But Tudou didn't specify a timetable for its IPO.
But Tang Yizhi, a researcher at Analysys International, cautioned that the timing may not be right for Tudou's IPO because investors are wary over fund raising by overseas-listed Chinese companies due to auditing anomalies in the past few months.
Tudou recorded a net loss of 362.4 million yuan (US$56.3 million) last year, the prospectus said, more than double the company's net loss of 145.1 million yuan a year earlier.
Tudou initially filed for a listing in November to raise US$120 million but had to halt its plan after Shanghai Xuhui District People's Court froze Wang's assets after his ex-wife Yang Lei filed a lawsuit to claim her stake in the firm. She later reached a cash settlement agreement with Wang in June, who managed to keep his stake in the company. Details of the agreement are confidential.
Tudou has 16.8 percent share of China's online video market, trailing arch rival Youku's 22.4 percent, said research firm Analysys International.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
