Chinese online video site Tudou has started trading on the NASDAQ

Chinese online video site Tudou has started trading on the NASDAQ this morning under the symbol ‘TUDO.’ Last night, Tudou priced its shares $29 a piece, raising $174 million in the offering. This morning, Tudou opened 13 percent below its pricing at $25.11 per share, giving the company a valuation of $2.8 billion (as opposed to $3.2 billion at $29 per share)

Tudou filed for an IPO last November but the process was delayed due to a lawsuit by the former wife of its founder, chairman and CEO, Gary Wang.

read more : Tudou profile

Tudou was successful today in completing an initial public offering during volatile market conditions, but the stock took a dive immediately after trading began. Tudou’s shares ended the day on Nasdaq at $25.56, down 12% from a $29 IPO price.

Shares of rival Youku.com, which went public in December, have risen nearly 87 percent since its IPO. Youku and Baidu Inc were interested in buying Tudou, according to Chinese media reports last week.