On Wednesday, Chinese hardware provider Xiaomi, along with Shunwei Capital, invested $300 million in the video platform iQiyi. The investment will allow the companies to work together on developing original video content.
The investment comes after Xiaomi announced its plans to put a total of $1 billion into digital video. It also follows the company’s partnership with Chinese online video giant Youku Tudou.
Baidu, China’s major internet search engine, owns majority stake in iQiyi and also plans to increase its investment in the video platform.