Chinese online video website Tudou Holdings is ready to launch its $120 million US initial public offering (IPO) this week after postponing it in November, International Financing Review (IFR),a Thomson Reuters publication, reported on Wednesday.

Tudou filed for an IPO last year, seeking to raise up to $120 million to purchase content. However, the plan was stalled and its rival Youku.com Inc managed to beat it to the market, soaring in its market debut.

Tudou is ready to launch its IPO on the Nasdaq in the next two days, IFR reported citing sources.

Officials at Tudou were not available for comment.

China's online video industry is highly competitive and saturated with many players jostling for content licensing rights. Other than Youku, Tudou competes with Ku6 , PPTV, PPStream and Baidu-backed Qiyi.com.