Online video site Youku.com’s (YOKU.NYSE) initial public offering posted the biggest gain for a US IPO in five years, with its share price rising 161% to close at US$33.44 per share, Bloomberg reported. The advance was the biggest since mainland search engine giant Baidu (BIDU.NASDAQ) quadrupled its price after its offering in August 2005. Youku’s strong performance shows that investors are intrigued by the company’s similarity to Google’s (GOOG.NASDAQ) YouTube, and by explosive growth in China’s online video market. Youku has not posted a profit in three years.
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