Wang Wei, CEO of Tudou, a Chinese online-video site.
Tudou CEO settles divorce suit
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Chinese online video Web site Tudou has cleared the way for its listing on the U.S. market after its CEO Wang Wei agreed to pay his ex-wife US$7 million in cash to settle a divorce lawsuit. CEO 700 According to a settlement reached on June 10, Wang's ex-wife, Yang Lei, agreed to give up her claim to a partial stake in Tudou, clearing the way for the firm to go public. Yang will receive US$ 4.3 million of the US$7 million settlement after the Internet company completes its listing. 6 10 430 Prior to the agreement, Yang claimed a 38 percent stake in the company, disrupting Tudou's plan for IPO on US market for more than six months. Until the end of April, Tudou refiled its IPO application with the US Securities and Exchange Commission. 38% 4 IPO Analysts think the company may have missed the best opportunity to go public in a favorable environment. Due to a series of financial frauds and corporate management disputes, American investors' enthusiasm for Chinese shares has faded. Since last month, a score of Chinese companies have seen share prices on the U.S. market fall below their initial offering price. The situation has been compounded by the sluggish U.S. job market and EU debt crisis. 5 China's business press carried the story above on Friday.
