'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

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 17,804.80 26.65 0.15%
Nasdaq 4,765.38 16.98 0.36%
S&P 500 2,070.65 9.42 0.46%
Treasuries 2.18 -0.03 -1.27%
Data as of 9:44pm ET
Company Price Change % Change
Bank of America Corp... 17.62 0.09 0.51%
Apple Inc 111.78 -0.87 -0.77%
General Electric Co 25.62 0.48 1.91%
Intel Corp 36.37 -0.65 -1.76%
Microsoft Corp 47.66 0.14 0.29%
Data as of Dec 19

Sections

New York Magazine reporter Jessica Pressler, who has been caught up in controversy this past week, will not be moving on to a new job at Bloomberg News. More

Investors beware: These 5 global crises are likely to rattle the stock market and world economy. More

Forums in dark corners of the web sell the kinds of hacks that befell Sony. More

Unilever sued Hampton Creek over its egg-free mayonnaise spread Just Mayo. But the company behind Best Foods and Hellman's mayonnaise has now dropped the lawsuit. More

The income of the top 1% jumped significantly in 2012, far outpacing inflation. Not only did this group make a larger share of the country's income, their share of total taxes also jumped from 35% to 38%. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.