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HONG KONG — Xiaomi, China’s fast-expanding consumer electronics firm, has struck a strategic partnership with online video giant Youku Tudou.

It is also investing $300 million in iQiyi, the online video rival operated by search engine giant Baidu, according to China Business News.

The Xiaomi-Youku Tudou agreement is aimed at developing content and technology, particularly multi-screen online video services

The privately-controlled Xiaomi, which is now the world’s number three smart phone maker, will buy shares in NYSE-listed Youku Tudou on the open market.

It will also license content from Youku Tudou, and the two companies will jointly invest in the production and distribution of online video content and movies.

Xiaomi is also one of China’ biggest manufacturers of set top decoders and smart TV sets, sold as Mi Box and the Mi TV.

Xiaomi last week announced that it is planning to spend $1 billion on content. The new joint venture is to be the first project for former Sina.com executive Chen Tong, who last week joined Xiaomi as its VP of content investment and content operation.

“Both Youku Tudou and Xiaomi have been pioneering multi-screen ecosystem development in the mobile internet era.  With the new partnership, we’ll leverage our respective capabilities to strengthen our ecosystems and to enhance user experience,” said Youku Tudou’s founder and CEO, Victor Koo.

“Youku Tudou’s user base and Xiaomi’s fan community are closely associated. The partnership will bring the development of the Internet industry in China to the next level,” said Wang Chuan, VP and co-founder of Xiaomi.

Ma Dong, chief content officer of iQiyi, will deliver a keynote speech “Digital China: The New Storyteller – iQiyi” on 9 Dec. 2014 at Singapore’s Asia TV Forum and Market. He will speak about position in China’s growing digital world, and the company’s journey to success.