Tudou Jumps After Starting Video-Sharing Site for Weibo Users

Feb. 3 (Bloomberg) -- Tudou Holdings Ltd., China’s second-largest video website, jumped the most since its August initial public offering in the U.S. after creating a platform for users of a Twitter-like service to share videos online.

American depositary receipts of Tudou surged 28 percent to $17.95 by 1:42 p.m. in New York, the highest intraday level since September.

Shanghai-based Tudou has built an “enhanced” platform for users of Sina Corp.’s Weibo service to share videos, according to a statement released today. Weibo users automatically become registered Tudou users and will be able to share their videos with other subscribers to Tudou, the statement said.

Sina, an Internet media company also based in Shanghai, holds a 9 percent stake in Tudou. Weibo had 250 million registered users as of the end of September who post 86 million messages per day on average, according to Tudou’s statement.

To contact the reporter on this story: Belinda Cao in New York at lcao4@bloomberg.net

To contact the editor responsible for this story: Emma O’Brien at eobrien6@bloomberg.net