The shine is taken off Gary Wei Wang-led Tudou's $174m initial public offering after the company's stock price falls on its first day.
Tudou, a China-based video sharing website backed by a corporate venturing unit of International Data Group, had a difficult first day of trading yesterday as its shares fell nearly 12%.
Yesterday, the company raised $174m in its flotation on Nasdaq stock exchange. Investors bought six million American Depositary shares of Tudou at $29 each. However, by the end of yesterday’s trading the stock had fallen 11.86% to $25.56 per share, while the Nasdaq index fell 0.47% in the day’s…
