China's Tudou IPO Prices Within Range
Chinese online video company Tudou Holdings Ltd priced shares in its initial public offering within the expected range on Tuesday, even though investor sentiment toward U.S.-listed Chinese stocks and the recent stock market turmoil had suggested it would be difficult. Investor appetite for U.S.-listed Chinese stocks has waned after a series of accounting scandals, and 10 of the 12 IPOs scheduled for last week were pulled as concerns about the U.S. economy and the European debt crisis created a volatile trading environment. Still, Tudou and its owners sold 6 million American Depositary Shares for $29 each, raising $174 million. They had planned to sell ADS for $28 to $30 each. Much like Google Inc's YouTube, Tudou allows users to watch, upload, rate, comment on and recommend videos.
