YOUKU CEO: TUDOU US LISTING GOOD FOR INDUSTRY DEVELOPMENT

AsiaInfo Services
08-09-2011
Youku CEO: Tudou US Listing Good for Industry Development

BEIJING, Aug 09, 2011 (SinoCast Daily Business Beat via COMTEX) -- Youku.com Inc. (NYSE:YOKU) CEO Victor Koo sad the listing of video companies is good for the healthy development of the industry as a reply to the move that Tudou.com is to list.

The sharp drop of Youku stock price recently is attributed partly to the poor performance of the global market and partly to the coming initial public offering Youku's rival Tudou. According to documents submitted Tudou recently, the issuance price ranges from USD 28 a share to USD 30 a share and the market value is predicted to be USD 820 million, a big gap compared with USD 2.935 billion market value of Youku currently.

In this regard, the CEO did not make direct comments, just saying the listing of video enterprises in the US will be good for the healthy development of the industry.

Hit by the global investment panic, Chinese concept stocks dropped significantly. Youku dropped 9.09% to close at USD 25.79 a share, a new low.

Source: www.sina.com.cn (August 09, 2011)

KEYWORD: BEIJING INDUSTRY KEYWORD: Internet & Online Services & Media SUBJECT CODE: Internet & Online Services
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