WoWo, a China-based entertainment-focused e-commerce platform backed by China-focused private equity and venture capital firm CDH Investments and private investment firm Tianyou Investment, has raised US$40 million in an initial public offering (IPO). The company listed on the NASDAQ Stock Market on 8 April, selling four million shares at US$10 apiece. Neither CDH nor Tianyou disposed of any shares in the IPO, but their stakes were diluted to 11.6 percent and 6.8 percent, respectively.