China's Xiaomi says invests $300 million in online video firm iQiyi
By Reuters
Nov 19, 2014 08:24 AM EST
Regions
Lei Jun, founder and CEO of Xiaomi, speaks at a launch ceremony of Xiaomi Phone 2 in Beijing in this file photo. (Photo : Reuters)
Xiaomi Technology Co Ltd [XTC.UL] said on Wednesday it has made $300 million investment in online video provider iQiyi.
The investment in iQiyi followed a separate stake purchase deal Xiaomi announced last week in China's largest video streaming site Youku Tudou Inc.
Xiaomi earlier this month pledged to invest a total of $1 billion to expand its Internet TV content, adding to the frenzy in China's fast-growing online video market.
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