Wall Street preps for more Chinese dotcom listings

Expectation has prompted shares in nations Internet firms to rise

The price of shares in most United States-listed Chinese Internet companies surged over the past week after quarterly reports beat investors' expectations.

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Wall Street is poised to witness more initial public offerings by Chinese dotcoms, analysts said.

Shares in Dangdang Inc, a US-listed e-commerce website best-known for online book-selling, rose by more than one-third on Feb 27, hours after the company said it has returned to profitability for the first time since 2011.

Although its net income was 21.7 million yuan ($3.6 million) in the fourth quarter of last year, its net loss was 122.1 million yuan in the corresponding period of 2012, according to the Beijing-based company.

Peggy Yu, the executive chairwoman of Dangdang, said the company plans to drive growth in general merchandise, books and media segments this year.

Also on Feb 27, video website Youku Tudou Inc, listed on the New York Stock Exchange, reported a 42 percent year-on-year revenue growth for the fourth quarter.

The company's revenues were 901.3 million yuan during the October-December period.

The price of shares in the nation's top online video portal increased by 3 percent on Feb 27.

Internet firms, including Youku and Dangdang, were leading the surge of US-listed Chinese companies. Dangdang rose 49 percent and Youku extended its monthly gain to 15 percent in February.

The most-traded Chinese stocks in the US rallied 5.4 percent to 102.37 in February, according to the Bloomberg China-US Equity Index.

Chinese dotcoms started becoming popular again among overseas investors late last year after a series of financial scandals and short selling in 2011 damaged Chinese Web companies' reputations.