Jan. 18, 2012 (China Knowledge) - Ku6 Media Co Ltd<KUTV>, a leading online video company in China, has signed a definitive agreement with U.S.-based YouTube, a well-known video-sharing website, to expand its content offering into the international market, causing its shares to surge 139.3% on Tuesday.
Shares of Nasdaq-listed Ku6 Media increased by US$1.92 to closing price of US$3.30 from opening price of US$2.04 yesterday, the highest price stood at US$4.04 in the day.
In the past 52 weeks, the Chinese online video-sharing portal had US$8.12 in the highest price and US$0.75 in the lowest price, sources reported.
Pursuant to the agreement inked between Ku6 Media and YouTube, the American partner would allow Ku6 Media's overseas users to view original videos from China via a new channel operated by YouTube.
Analysts said Ku6 Media's largest Chinese rivals include Tudou Holdings Inc<TUDO>, Youku.com Inc<YOKU> and Qiyi.com, owned by Baidu Inc<BIDU
>, China's No.1 Internet search provider.