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Update: Xiaomi to Invest RMB 1.8 Bln in iQiyi

Sina Tech, 11/19/14

Beijing-based Android device maker Xiaomi and Shunwei China Internet Fund have announced that the companies will make a RMB 1.8 bln strategic investment in online video site iQiyi, a subsidiary of Chinese internet firm Baidu (Nasdaq: BIDU). Upon completion of the investment, iQiyi, Baidu and Xiaomi will collaborate on content, technology products and mobile internet market development.

Shunwei was established by Xiaomi CEO Lei Jun.

Editor's Note: For more background on this topic, please see "Rumor: Xiaomi to Take Stake in iQiyi, Youku Tudou" MD 11/10/14 issue.

Keywords: M&A Lei Jun content television online video Baidu BIDU Xiaomi iQiyi Shunwei Internet Internet TV

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