Coming up with a title for this one eluded me. There are simply too many to choose from. Here are a few Google front page headlines about Youku's landmark IPO:
Youku IPO Mints A New Chinese Billionaire
Video site Youku's IPO raises $203m
Shares Of Youku, China's YouTube, Double At IPO
Youku Has Biggest U.S. IPO Gain in Five Years on China Demand
YOKU (NYSE Listed) Stock Surges: YouKu IPO Frenzy
So why is this a big deal? Because Youku is a copy of YouTube. YouTube is blocked in China, and China has more internet users than the U.S.
"China had an estimated 420 million Internet users at the end of June, according to data from the government-sponsored China Internet Network Information Center.
The U.S. population in 2010 ranged from 305.7 million to 312.7 million, Census Bureau data show. China's economy will grow 9.6 percent next year, versus 2.3 percent for the U.S., according to estimates from Washington-based IMF.
"Investors want to participate in the growth of consumerism in China on the Internet," said Peggy Yu Yu, executive chairwoman and co-founder of China Dangdang, in a telephone interview from the NYSE. "That's behind their interest in the stock." - Businessweek
At Caimeiju, many of our clients have videos of their properties hosted on Youtube. Since Youtube is not accessible from China, we post the videos too Youku for them.
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