Youku.com Inc. (YOKU) launched its paid-content platform with
Warner Bros. Home Entertainment Group's joint venture in China,
expanding its offerings of new releases and other titles to its
library, sending its American Depositary Shares higher.
The online television company, which allows users to upload
video, launched the service in October. It said it has processed
200,000 paid transactions for its library, which includes more than
300 movies.
"Over the past year, we've seen Chinese Internet users become
more sophisticated in terms of what they'll spend money on," said
Youku Chief Financial Officer Dele Liu.
Youku, which went public in December, generated the best
first-day pop for a U.S. initial public offering in more than five
years at the time.
The company's ADS were up 7% at $29.20 in recent premarket
trading. They have more than doubled since their IPO.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481;
Tess.Stynes@dowjones.com