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

Reuters
People stand near a logo of Xiaomi ahead of the launching ceremony of Xiaomi Phone 4, in Beijing, July 22, 2014. REUTERS/Jason Lee

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)