China’s online search giant Baidu has raised more than US$155 million (RMB1 billion) of fresh capital to bolster its new Baidu Video unit.
The unit will operate separately from iQIYI one of the market leaders in China’s streaming sector. The new Baidu Video unit is understood to be an expansion of Baidu’s Xiaodu Interactive Entertainment and Technology.
Former general manager of Baidu video division Hu Hao will take on the role of CEO of the company.
Currently, Baidu video claims to have accumulated more than 580 million video content and serves over 300 million mobile users.