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Monday, August 20, 2012, 8:22 AM Youku (YOKU -0.1%) and Tudou (TUDO) shareholders approve Youku's all-stock acquisition of Tudou in a deal that combines China's two biggest video Web sites and creates a company with over 300M weekly users. The transaction will increase Youku's lead over rivals Baidu (BIDU) and Tencent, and should generate savings of up to $60M/year. Comment! [M&A, Tech, Consumer]
Thursday, August 16, 2012, 1:06 PM Chinese Internet stocks are rallying, as pleasing earnings reports from Sina and messaging/gaming giant Tencent (TCEHY.PK) more than offset a miss from NetEase. BIDU +2.5%. SOHU +5.5%. GAME +4.9%. YOKU +5.9%. TUDO +5.5%. CYOU +2.1%. Tencent, which received a favorable WSJ write-up ahead of earnings, rose 6.4% in Hong Kong after reporting revenue of $1.65B (+56% Y/Y) and net income of $487M. 4 Comments [Tech, On the Move]
Monday, August 6, 2012, 1:22 PM Chinese Internet stocks surge in response to pleasing Q2 reports (I, II, III) from Youku (YOKU +7.6%), Sohu (SOHU +17%), and Changyou (CYOU +16.6%). BIDU +4.3%. SINA +9.7%. RENN +11.4%. PWRD +6.7%. TUDO +8%. Baidu's gains are coming in spite of the company's disclosure that 3 employees were arrested for taking bribes to delete message board posts. 3 Comments [Tech, On the Move]
Monday, August 6, 2012, 9:19 AM Tudou (TUDO), which is set to merge with fellow Chinese video site Youku (YOKU), has reported Q2 revenue of $27.1M (+47.4% Y/Y) and EPS of -$0.80; the results miss consensus by $6.3M and $0.41. Nonetheless, Youku is up 4.8% - the Street seems pleased with its Q2 EPS beat and guidance for Q3 revenue growth of 70%-80% Y/Y, though the latter is below an 86.8% consensus. Youku had a short ratio of 6.4 as of July 13. Comment! [Tech, Earnings, On the Move]
Tuesday, July 17, 2012, 10:44 AM Chinese Internet stocks, many of whom fell yesterday on worries about the Middle Kingdom's growth outlook, are falling harder today. BIDU -4.9%. SINA -7.9%. YOKU -9.1%. TUDO -9%. SOHU -5.4%. RENN -5.8%. 3 Comments [Tech, On the Move]
Friday, July 13, 2012, 10:16 AM Youku.com (YOKU +3.4%) and merger partner Tudou (TUDO +4.1%) are rallying after Youku receives positive comments from JPMorgan and OTR Global. JPM, which launched coverage on Monday, says the recent weakness in Youku shares, caused by the resignation of Tudou's COO, is overblown. OTR argues online video ad spending remains healthy. Comment! [Tech, On the Move]
Wednesday, July 11, 2012, 12:56 PM Youku.com (YOKU -7.4%) and Tudou (TUDO -9.8%) crash after it's learned Tudou COO Evelyn Wang has resigned, supposedly to "pursue personal development opportunities elsewhere." Tudou asserts the resignation won't affect its planned merger with Youku, which stands to create a Chinese online video behemoth. 1 Comment [Tech, On the Move]
Monday, July 9, 2012, 9:50 AM Youku.com (YOKU +2.5%) and merger partner Tudou (TUDO +1.9%) trade higher after JPMorgan starts coverage on Youku with an Overweight and $30 PT. The firm is bullish on a general shift in Chinese ad spending from TV to online video. It views upcoming ad rate hikes and inventory expansion, a favorable content amortization schedule, and the achieving of quarterly profitability in 2013 as positive catalysts. Comment! [Tech, On the Move, Quick Ideas]
Monday, July 2, 2012, 9:58 AM Youku.com (YOKU -4.3%) and merger partner Tudou (TUDO -3.9%) sell off after Youku announces CFO Dele Liu has been kicked upstairs to President, and that his old job will go to finance SVP Michael Xu. Victor Koo remains chairman and CEO. The many accounting scandals that have hit Chinese ADRs has made the Street jittery about any unexpected CFO transition. (PR) Comment! [Tech, On the Move]
Wednesday, June 13, 2012, 12:34 PM Youku.com (YOKU +3.4%) and merger partner Tudou (TUDO +2.8%) rally after Nomura's Jin Yoon reports on a recent meeting with Youku's management. Among management's comments: Bandwidth costs are expected to remain steady; Youku has seen a "rationalization pattern" for content acquisition prices, which have recently soared; and Tudou's ad prices remain ~20% below Youku's. Comment! [Tech, On the Move, Quick Ideas]
Tuesday, June 12, 2012, 9:49 AM Overlooked in Apple's (AAPL) long list of Mac and iOS announcements yesterday was the company's release of several iOS features aimed specifically at Chinese users. The features include not only the expected addition of Baidu (BIDU) search, but also the integration of Sina's (SINA) Weibo and merging video sites Youku (YOKU) and Tudou (TUDO), as well as Chinese-language support for Siri. Apple's China sales soared 3x Y/Y in the March quarter to $7.9B, and made up 20% of its sales. 9 Comments [Tech]
Monday, May 21, 2012, 1:22 PM Youku.com (YOKU +9.8%) and Tudou (TUDO +10.1%), whose planned merger will create a Chinese online video giant, rally strongly following Tudou's Q1 beat. Tudou's revenue surged thanks to a 63% Y/Y increase in online ad sales, and a 53% increase in mobile service sales. However, in a sign monetization may be lagging traffic growth, bandwidth costs amounted to 51% of revenue, up from 39% in the year-ago period. (PR) Comment! [Tech, Earnings, On the Move]
Monday, May 21, 2012, 9:13 AM Tudou Holdings (TUDO): Q1 EPS of -$0.75 beats by $0.25. Revenue of $22.3M (+77% Y/Y) beats by $0.5M. (PR) Comment! [Earnings, Tech]
Wednesday, April 25, 2012, 2:17 PM In response to Youku.com (YOKU) and Tudou's (TUDO) planned merger, which stands to create a dominant player in the Chinese online video market, Sohu (SOHU), Tencent (TCEHY.PK), and Baidu's (BIDU) Qiyi video site are planning to pool their resources to purchase content, as well as share their video libraries. The news comes 2 days after Youku announced a new deal with CBS. Comment! [Tech]
Monday, March 26, 2012, 3:09 PM China video sites could turn to a pay-per-view model as advertising sales continue to slump, according to media execs. After Apple set the tone by enticing consumers to pay premium prices for content, tech companies such as Tudou Holdings (TUDO -1.7%), Youku (YOKU -1.6%), Sohu.com (SOHU +3.3%), and Baidu (BIDU +4.1%) see PPV as a way to recoup the higher costs of acquiring content. Comment! [Global & FX, Tech]
Thursday, March 22, 2012, 12:55 PM Bemoaning average download speeds that are well below the global average, the Chinese government is calling for a new national broadband strategy. A major broadband push by the government would have an impact on top ISPs CHA and CHU, whose broadband investment levels have been criticized, and perhaps also merging online video sites YOKU and TUDO. Comment! [Tech, Global & FX]

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