Baidu invests in Skyworth unit

Baidu Inc has invested 1.01 billion yuan ($159.7 million) in Coocaa, a smart television unit owned by consumer electronics producer Skyworth Digital Holdings Ltd, as part of the search giant's wider push into the smart hardware sector.

After the transaction, Baidu will hold 11 percent of the company, becoming the second largest shareholder of Coocaa, with the valuation of the latter reaching 9.59 billion yuan, according to a statement from Skyworth Digital.

The two companies also reached a strategic partnership on Friday to cooperate in the fields of technology, content, data and operation. Meanwhile, Baidu's DuerOS conversation-based artificial intelligence system will have a deeper integration with the intelligent home products of Coocaa.