- Bloomberg, Wednesday, December 8, 2010 2:13 PM
Capturing the business world's attention, Chinese video site Youku.co and E-Commerce China Dangdang soared over 90% after their U.S. initial public offerings. According to Bloomberg
, Youku raised $203 million on Tuesday after boosting the size of its IPO by
20%. "The offerings were the first of five mainland Chinese IPOs scheduled in the U.S. this week," Bloomberg reports. "The four previous Internet companies from China that completed sales this year
surged an average of 57% in their first day of trading."
According to Jack Ablin, chief investment officer at Harris Private Bank, these IPOs represent an "intersection of China and the
Internet, and so everyone's jumping on board for that theme." The International Monetary Fund estimates China -- home to more than 400 million Internet users -- may expand four times as fast as the
U.S. next year. In particular, China's online-video market more than doubled to $93 million last quarter, according to Beijing-based research company Analysys International.
Read the whole story at Bloomberg »