'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 18,132.70 -81.72 -0.45%
Nasdaq 4,963.53 -24.36 -0.49%
S&P 500 2,104.50 -6.24 -0.30%
Treasuries 2.00 -0.01 -0.69%
Data as of 7:33pm ET
Company Price Change % Change
Bank of America Corp... 15.81 -0.23 -1.43%
Apple Inc 128.46 -1.96 -1.50%
General Electric Co 25.99 0.10 0.39%
Microsoft Corp 43.85 -0.20 -0.47%
Chesapeake Energy Co... 16.68 -0.52 -3.02%
Data as of Feb 27
Sponsors

Sections

Berkshire Hathaway CEO Warren Buffett released his 50th annual letter to shareholders. The Oracle of Omaha thinks the next 50 years will be great and knows who will replace him. More

Potential presidential candidate says that improvement in unemployment rate is due to millions of jobless not being counted. More

With the death of Leonard Nimoy, the actor who played Star Trek's Spock, we remember his character's legacy: The technology we use every day. More

A social media frenzy about the color of a dress is bringing fame and fortune for one small British fashion company. More

The top 5 consumer complaints have to do with identity theft, debt collectors, imposters, telephone companies and banks. More