Skadden advised on benchmark U.S. initial public offerings of two leading Chinese Internet companies on the New York Stock Exchange on December 8:
- Dangdang’s IPO raised a total of $272 million through its issue and sale of 17 million American depositary shares (ADS) by Dangdang and certain selling shareholders. Dangdang is a leading business-to-consumer e-commerce company in China, offering more than 570,000 Chinese-language book titles on its website.
- Youku raised $203 million through its issue of approximately 15.9 million ADS. Youku is the leading Internet television company in China in terms of market share measured by total user time spent viewing online videos in the country.
Skadden has represented more than one dozen China-based issuers in U.S. listings this year.