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China's Xiaomi Says Invests $300 Million In Online Video Firm Iqiyi

Ron Burgundy

By Ron Burgundy,
in Tech News

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Ron Burgundy

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People stand near a logo of Xiaomi ahead of the launching ceremony of Xiaomi Phone 4, in BeijingBEIJING (Reuters) - Xiaomi Technology Co Ltd 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)




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