The cash infusion will boost the Netflix-like streaming service in its ongoing battle for market share against Tencent and Alibaba. iQiyi, the Netflix-like streaming video subsidiary of Chinese search giant Baidu, has raised $1.53 billion in new funds to fuel its investments in original content and compete with rivals.
Category: Tencent
Six-Hour Meeting of Chinese Tycoons Eases LeEco Cash Crunch
It took Jia Yueting just over six hours in December to snag $2.2 billion from a Chinese real estate mogul to keep LeEco afloat. In so doing, the entrepreneur secured a vital financial and strategic ally as he prepares to do battle with the likes of Tencent Holdings Ltd. and Tesla Inc. Jia’s LeEco, the sprawling conglomerate with interests ranging from electric cars and TVs to entertainment, announced Friday its cash crunch was almost over after winning 16.8 billion yuan in strategic investments, mostly from Sun Hongbin’s Sunac China Holdings Ltd. Jia declared he’ll now use the money to “far surpass” China’s three biggest internet companies: Baidu Inc., Alibaba Group Holding Ltd. and Tencent.
China’s Sogou Targets $5 Billion IPO to Chase Rival Baidu
China’s third-biggest search engine expects to hold a U.S. initial public offering at a valuation of as much as $5 billion as it raises cash to close the gap with leader Baidu Inc. in the mobile market. Sogou, whose name means “search dog,” plans to sell about 10 percent of its shares in an IPO that will probably be held this year, Chief Executive Officer Wang Xiaochuan said in an interview.
How Social Cash Made WeChat The App For Everything
A centuries-old tradition gave rise to China’s most valuable company and captured the attention of everyone from teens to Silicon Valley. A little over a year ago, my roommate Mike said something strange.