Tudou Holdings, the owner of an online Chinese platform for uploading and sharing videos, finished 11.9% down on its first day of trading on Nasdaq. The decline came after the company early yesterday morning priced its initial public offering at the mid-point of the range for a total deal size of $174 million.
The bookbuilding coincided with a sharp sell-off in US and global equity markets during the past couple of weeks and, last week alone, nine companies, including two Chinese firms, cancelled their IPOs in the US. The deal also came just a few months after reports of accounting fraud and poor corporate governance at several Chinese...
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