Tudou.com files for Nasdaq listing
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Chinese online video website Tudou.com on Wednesday submitted its application for listing on the Nasdaq stock market to the U.S. Securities and Exchange Commission, the China Business News reported Thursday.
According to Tudou's filing, the company aims to raise up to $120 million through the initial public offering (IPO). Tudou applied to list under the symbol "TUDO," with Credit Sussie Group and Deutsche Bank being its IPO underwriters. However, the company didn't give details concerning price range or date of the IPO.
From 2007 to 2009, Tudou's annual net revenue was 6.62, 30.94 and 113.2 million yuan, respectively. Its year-to-year growth of net revenue stood at 368 percent and 266 percent for 2008 and 2009, respectively.
By the end of the third quarter this year, Tudou accumulated net revenue of 224.8 billion yuan, rising 230 percent from same time last year.
Tudou will invest the funds raised through the IPO in increased internet bandwidth and technology upgrades.
Established in 2005, Tudou has completed five rounds of financing, raising a total of $135 billion. Its previous investors include the Singaporean state investment company Temasek Holdings, IDG China, EZCapital and GGVCapital.
Currently, Tudou's management team holds 41.3 percent of the company's total shares, in which 13.4 percent is held by founder and CEO Wang Wei.
China's business press carried the story above on Thursday. China.org.cn has not checked the stories and does not vouch for their accuracy.
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