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Youku IPO Mints A New Chinese Billionaire, Victor Koo

Investors rallied to push shares of newly public Chinese video site Youku up 160% from the offering price –and minted a new billionaire in the process. Youku founder and Chief Executive Victor Koo owns 34.8% of the company, according to a prospectus filed with the SEC. That means his share of the company –which TechCrunch pointed out now has a $3.3 billion market cap (greater than that of AOL) – is worth $1.1 billion. Koo joins the growing herd of Chinese tech billionaires, the best known of which is Baidu’s Robin Li the second richest man in China, according to Forbes.

 

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