China's Xiaomi says invests $300 million in online video firm iQiyi

Reuters News
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Posted: Nov 19, 2014 2:28 AM

BEIJING (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.

(Reporting by Gerry Shih; Editing by Muralikumar Anantharaman)