Temasek invests $35 mln in China’s answer to YouTube

August 7, 2010
Singapore Democrats

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Kevin Lim
Reuters

Singapore state investment firm Temasek said on Thursday it has invested $35 million in Chinese online video sharing website Tudou.

The $35 million investment was part of a $50 million fund-raising by the Chinese firm, a Temasek spokesman said.

Tudou, which means potato in Mandarin and alludes to the image of an Internet couch potato, allows Internet users to share video files over the web, much like Google’s YouTube.

It is China’s top online video sharing platform, the firm said on its website.

According to a report in the Wall Street Journal, Tudou intends to use the money raised to differentiate its products and services, including creating more original video content.

Tudou CEO Gary Wang told Reuters in December last year the firm hoped to list on Nasdaq in the next three years.

http://www.reuters.com/article/idUSSGE6740CJ20100805