Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

'China's Amazon' and 'China's YouTube' IPOs soar

chart_ws_stock_youkucominc.top.png By Julianne Pepitone, staff reporter


NEW YORK (CNNMoney.com) -- Shares of two Chinese tech companies, Dangdang and Youku, soared Wednesday after making their debut on the U.S. market.

E-Commerce China Dangdang is similar to Amazon.com (AMZN, Fortune 500) in that it's China's largest Internet book retailer. Dangdang (DANG) shares priced at $16 a share and settled 87% higher at $29.91.

In a press release, Dangdang called itself a leading business-to-consumer e-commerce company that offers "more than 590,000 book titles and a range of other media products as well as selected general merchandise categories."

Like Amazon, dangdang.com includes a marketplace program that allows third-party merchants to sell their products alongside Dangdang's.

Youku.com, China's version of Google (GOOG, Fortune 500)-owned YouTube, fared even better. Youku (YOKU) shares more than doubled, pricing at $12.80 and rising 161% to settle at $33.44 in.

Youku calls itself "China's leading Internet television company." According to a press release Wednesday, the company's mission "is to become the primary source of video content for Chinese internet users across all Internet-enabled devices."

According to iResearch, the company said, Youku attracts approximately 203 million monthly unique visitors from homes and offices and 61 million monthly unique visitors from Internet cafes -- which are popular in China. iResearch data also shows Youku has a 40% of the online video market in China, as measured by time spent watching.

The companies' successful initial day comes amid high interest in Chinese tech properties. According to the government-sponsored China Internet Network Information Center, the country had 420 million Internet users in June.

Other Chinese tech companies have performed well this year. Baidu (BIDU), which is China's largest search engine, has skyrocketed 163% year-to-date. To top of page

Search for Jobs

Index Last Change % Change
Dow 20,821.76 11.44 0.05%
Nasdaq 5,845.31 9.80 0.17%
S&P 500 2,367.34 3.53 0.15%
Treasuries 2.32 -0.07 -2.97%
Data as of 8:33pm ET
Company Price Change % Change
Bank of America Corp... 24.23 -0.35 -1.42%
Spectra Energy Corp 40.68 -0.32 -0.78%
Chesapeake Energy Co... 5.66 -0.09 -1.57%
Hewlett Packard Ente... 22.96 -1.70 -6.89%
Ford Motor Co 12.47 -0.09 -0.72%
Data as of Feb 24
Sponsors

Sections

Baltimore Orioles executive John Angelos said he would want President Trump to apologize for all the offensive comments he's made before he's invited to throw out the first pitch at Camden Yards. More

A draft of the House Republicans' bill to repeal Obamacare would replace its subsidies with less generous tax credits, increase the amount insurers could charge older Americans and effectively eliminate Medicaid for low-income adults. More

Data Refuge collects federal data about climate change in order to preserve the information and keep it publicly accessible. More