Chinese Online Video Giant Tudou Opens 13 Percent Below IPO Pricing

A rocky financial climate isn't stopping this IPO?Chinese online video site Tudou has started trading on the NASDAQ this morning under the symbol 'TUDO.' Last night, Tudou priced its shares $29 a piece, raising $174 million in the offering. This morning, Tudou opened 13 percent below its pricing at $25.11 per share, giving the company a valuation of $2.8 billion (as opposed to $3.2 billion at $29 per share) Founded in 2005, Tudou is more Hulu or Netflix than YouTube. The company, which has raised $126 million from General Catalyst, IDG Capital Partners, and GGV Capital, hosts over 40 million videos viewed by over 200 million unique visitors a month. This morning, CEO Gary Wang told us that this site is serving 40 percent of China's total online population monthly.

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