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

Reuters

Updated 19 November 2014 at 2:28 am

BEIJING (Reuters) - Xiaomi Technology Co Ltd [XTC.UL] said on Wednesday it has made $300 million (192.10 million pound) 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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