The Internet IPO is back—if you are a Chinese Internet company. Youku, the YouTube of China, saw its shares pop more than 100 percent in its IPO today. Shares were priced at $12.80, but they are currently trading at $27.60.. That is a 116 percent jump.
According to its SEC filing, the company lost $25 million on total revenues of $35 million for the first nine months of 2010. The company raised $120 million prior to the IPO, and another $203 million at the IPO.
According to comscore, Youku attracted 77.8 million unique visitors worldwide in October, up 53 percent form the year before. Youku is a cross between YouTueb and Hulu, mixing user-generated videos with more professional fare for the growing Chinese audience.
Youku is a Chinese video site. Youku (NYSE: YOKU), China’s first video site, officially launched on December 21, 2006. Youku “fast is king” is a product concept, by virtue of the “fast play, quick release, a quick search of the product characteristics, fully meet user interaction needs of the growing and diverse video experience, has now become the most influential in the field of Chinese Internet force, the most favorite video media. Youku adhere to follow the high-end, atmospheric brand...