Strategic push puts Xiaomi onto center stage

Chinese smartphone maker charts roadmap for bigger presence in video and content services market, reports Gao Yuan.

Xiaomi Corp, an emerging handset maker, said on Wednesday it had made a 1.8 billion yuan ($294 million) investment in online video provider iQiyi, a unit of search giant Baidu Inc.

Shunwei Capital, an investment firm set up by Xiaomi founder and CEO Lei Jun, will be an investment partner of the Beijing-based handset maker. Like Xiaomi, Baidu has also increased its investment in the video website with an undisclosed amount.