China IPOs Light Up Wall Street
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Two Chinese IPOs, one dubbed the Amazon.com of China and the other the YouTube of China, lit up Wall Street on Wednesday.
E-commerce China Dangdang (Nasdaq: DANG), or the Amazon.com of China, opened for trading on the NYSE at $24.50, or 53 percent above the $16 per share offering. China Dangdang sold 17,000,000 ADSs in its offering. The stock continued higher after the opening and is now up 81 percent to $29.
China Dangdang had six million active customers in 2009. Total net revenues increased from RMB446.9 million in 2007 to RMB1,457.7 million (US$217.9 million) in 2009, representing a compound annual growth rate, or CAGR, of 80.6 percent.
Youku.com (Nasdaq: YOKU), or the YouTube of China, opened for trading on the NYSE at $27, or 111 percent above the $12.80 offering price. Youku offered 15,847,700 ADSs in its offering. The stock continued higher after the opening and is now up 121 percent to $28.30.
Youku.com had a 40 percent market share in terms of total user time spent viewing online videos in China during the second quarter of 2010.
E-commerce China Dangdang (Nasdaq: DANG), or the Amazon.com of China, opened for trading on the NYSE at $24.50, or 53 percent above the $16 per share offering. China Dangdang sold 17,000,000 ADSs in its offering. The stock continued higher after the opening and is now up 81 percent to $29.
China Dangdang had six million active customers in 2009. Total net revenues increased from RMB446.9 million in 2007 to RMB1,457.7 million (US$217.9 million) in 2009, representing a compound annual growth rate, or CAGR, of 80.6 percent.
Youku.com (Nasdaq: YOKU), or the YouTube of China, opened for trading on the NYSE at $27, or 111 percent above the $12.80 offering price. Youku offered 15,847,700 ADSs in its offering. The stock continued higher after the opening and is now up 121 percent to $28.30.
Youku.com had a 40 percent market share in terms of total user time spent viewing online videos in China during the second quarter of 2010.
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