- Associated Press - Tuesday, November 9, 2010

NEW YORK (AP) - Online video company Tudou Holdings Ltd. is planning to offer an undetermined number of American depository shares in an initial public offering, according to a Securities and Exchange Commission filing Tuesday.

The company also granted underwriters an option to buy more shares to cover excess demand.

Credit Suisse, Deutsche Bank Securities and Oppenheimer & Co. are underwriting the offering.

Last year, the company lost $21.6 million, or $1.81 per share, on $16.9 million in revenue. The company’s registered users grew to 71.4 million at the end of September from 16.3 million in December 2007.

Tudou says it plans to use the offering proceeds to fund content procurement and development, to expand its Internet bandwidth capacity, to improve its technology, and for working capital and for general corporate purposes.

The company has applied to list the ADSs on the Nasdaq Global Market under the symbol “TUDO.”

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