The hottest new internet companies are growing up outside the U.S.

High-value financings for venture-backed private internet and digital media companies seem to be happening at a rapid pace. Dropbox, Tumblr, AirBnB, Foursquare, and Spotify have all raked in big fundings and attained record valuations in recent months. Meanwhile, public investors are decidedly less sanguine. The Nasdaq Composite index is flat for the year – and the average internet and digital media company is down 50% from 52-week highs.

Tudou IPO exposes yet another China risk factor: the founder’s wife

Tudou Holdings Limited, a leading online video company in China, ended its initial public offering saga this week, limping onto Nasdaq (under the symbol TUDO) at a price equal to 16 times revenues in the 12 months through March 31. That valuation is about half the 31 times revenue rival Youku.com Inc. (NYSE: YOKU) received in its December 2010 initial public offering.