Chinese smartphone maker charts roadmap for bigger presence in video and content services market, reports Gao Yuan.

Xiaomi Corp, an emerging handset maker, said on Wednesday it had made a 1.8 billion yuan ($294 million) investment in online video provider iQiyi, a unit of search giant Baidu Inc.

Shunwei Capital, an investment firm set up by Xiaomi founder and CEO Lei Jun, will be an investment partner of the Beijing-based handset maker. Like Xiaomi, Baidu has also increased its investment in the video website with an undisclosed amount.