Tudou has not been having a great summer. Most recently, the video streaming company’s own financial reports revealed that it was in dire need of some cashflow. That problem seems to have been resolved, as Tudou (TUDO) raised $174 million last night in their Nasdaq IPO, selling 6 million American depositary receipts at $29 apiece, according to the Financial Times.
The shares have been priced at $29, and will begin trading today. Whether Tudou shares will inflate as quickly as rival video site Youku’s did — with prices nearly doubling on the first day of trading — remains to be seen.
Tudou’s success is quite remarkable given the current volatility of the US market and the significant investor concerns about Chinese tech companies. Moreover, the cashflow infusion from the IPO will extend its clock as the company struggles with increased expenditures but a shrinking market share:
We will keep you up to date as Tudou’s shares hit the market.
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