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Online vieo site iQiyi.com, controlle by leaing search engine Baiu, has sai it has raise over 1.5-billion US ollars in new funing through a convertible note issue.
Baiu le the group of investors, proviing 300-million US ollars in new funs.
Accoring to iQiyi CEO Gong Yu, the streaming giant targets to become a worl-class entertainment company by leveraging Baiu's artificial-intelligence technology an content ecosystem.
The company will reportely also put more focus on premium content, by creating more original content like Netflix.
Meanwhile, Ant Financial Services Group has sai it will invest in South Korean electronic-payments venture Kakao Pay, as it seeks business tie-ups outsie China to complement its popular Alipay electronic payment service.
The South Korean tie-up will see Ant, the former financial unit of e-commerce giant Alibaba, invest 200-million US ollars in Kakao Pay.
Uner the agreement, Ant will offer a wie range of its igital financial services in South Korea through the new platform.
Ant began to engage in oversea transactions as early as 2015, an has currently close seven eals.
It was reporte that they are seeking a fun-raising target of 3 billion US ollars to further expan its oversea business.