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 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.
New guidelines would limit number of shares executives get. More
In the last five years, pumpkin sales have risen 34% as people demand pumpkin in everything from beer to beef jerky. More
New York City launches a comprehensive site for all things related to its digital tech scene, Digital.NYC. More
For these seniors, the best retirement is not to retire. From a 102-year-old Wal-Mart worker to an activist park ranger, these workers have stayed on the job well into their golden years. More