China video-sharing site Youku files for IPO in US
China's biggest online video-hosting site Youku.com is seeking to raise up to 150 million dollars in a US initial public offering as it jostles with domestic rival Tudou.com for top position.
The company said in a filing to the US Securities Commission dated Monday that it planned to launch wireless and web-based subscription services to diversify its revenue sources -- currently generated by advertising.
Youku said it planned to launch the subscription service in the "foreseeable future", but gave no further specifics.
"Our mission is to become the primary source of video content for the Chinese population across any Internet-enabled device," the company said in the filing.
The Beijing-based company said it had 203 million monthly visitors from homes and offices in September. The company has 507 employees.
Goldman Sachs will be the main underwriter for the IPO and the filing did not provide any pricing information.
Youku's move comes less than a week after Tudou.com made a similar IPO filing aimed at raising up to 120 million dollars in the United States.
China is home to the world's largest online market with 420 million Internet users, according to official figures.
(c) 2010 AFP
