Chinese smartphone maker Xiaomi and its investment affiliate Shunwei Capital have confirmed a joint US$300m investment in local online streaming site iQiyi.
Further details were not disclosed but Bloomberg sources claimed the investment was for about…
Chinese smartphone maker Xiaomi and its investment affiliate Shunwei Capital have confirmed a joint US$300m investment in local online streaming site iQiyi.
Further details were not disclosed but Bloomberg sources claimed the investment was for about 10-15% of the site, valuing it at between US$2bn and US$3bn.
iQiyi is majority owned by Chinese search giant Baidu, which plans to invest an additional US$100m to hold about 80% of it, added Bloomberg.
Xiaomi, whose CEO Lei Jun founded and is chairman of Shunwei Capital, has outlined plans to spend US$1bn on internet TV content deals.
The group said earlier this month that it would acquire a stake in Chinese video streaming firm Youku Tudou on the open market.
It is also reportedly looking to raise US$1.5bn in a private stake sale that would value it at around US$40bn.
