Robin Yanhong Li, chairman and CEO of Baidu, and Yu Gong, CEO of Qiyi.com, Inc. (or iQiyi.com), propose “to acquire all of the outstanding shares of Qiyi beneficially owned by Baidu based on an enterprise valuation of US$2.8 billion for 100% of Qiyi on a cash-free and debt-free basis.”
“Baidu currently owns 80.5% of Qiyi’s total outstanding shares on an as-converted and fully-diluted basis.”
Alibaba Group is investing KRW35.5 billion (about US$30M) into South Korean entertainment company S.M. Entertainment that will hold a 4% stake in the latter after the deal completes.
A number of current and former artists managed by S.M. Entertainment are widely popular in China. Alibaba Music Group, the online music company of Alibaba Group, will help S.M. Entertainment with online music distribution and marketing in China, according to the announcement.
Amazon is expanding its logistics services into mainland China. — South China Morning Post
Tesla has begun taking pre-orders for its Model X in China. — Bloomberg
“… it will offer a limited edition Signature Red version of the Model X P90D for about 1.48 million yuan ($225,000). Red is the color of celebration in China, where the Chinese New Year begins Feb. 8.”
Kingsoft Cloud Group, the cloud services subsidiary of Kingsoft Co. Ltd., announced US$60 million new funding from its parent company, IDG Capital Partners (IDG) and China Asset Management (AMC), according to a statement by Kingsoft Co. Ltd.
Upon completion of the deal Kingsoft Co. Ltd., IDG and AMC will hold respectively 51.8%, 2.5% and 4.3% in the company.