QIYI.COM FIRST-ROUND FINANCING USED UP

AsiaInfo Services
07-15-2011
Qiyi.com First-round Financing Used up

BEIJING, Jul 15, 2011 (SinoCast Daily Business Beat via COMTEX) -- Qiyi.com, a Chinese online video platform founded by Baidu.com, Inc. (NASDAQ:BIDU), had to carry out the second round of financing not long ago, as up to USD 50 million of the previous financing amount had already been used up in one and a half years.

Reports said that Baidu as the parent company has made such investment this time, but Qiyi did not disclose the exact amount. Earlier, there was a rumor going that Qiyi ever asked Youku.com Inc. (NYSE:YOKU) to buy it. However, a senior director with Qiyi denied the story.

Among China's major online video websites, Ku6.com (NASDAQ: KUTV) had the largest amount of operating expenses while seeing slower revenue growth. From last January to this March, Ku6 suffered losses of around USD 64 million. As a result, the initiator resigned eventually. Two months ago, the company laid off more than one hundred of employees in the sales team.

Source: www.thebeijingnews.com (July 15, 2011)

KEYWORD: BEIJING INDUSTRY KEYWORD: Internet & Online Services & Media SUBJECT CODE: Internet & Online Services
Internet Portals
SinoCast China Business Daily news
online video
financing
investment
loss
revenue
initiator

Copyright 2011 AsiaInfo Services (via Comtex). All rights reserved