iQiyi.com raises new funds in battle for market share

iQiyi.com Inc, the Netflix-like video streaming arm of Chinese online search engine giant Baidu Inc, has raised $1.53 billion of new funds to compete with its domestic rivals in the ongoing battle for market shares.

Baidu invested $300 million via the form of a convertible bond issuance. Other backers include Hillhouse Capital, Boyu Capital, IDG Capital and Sequoia Capital China, iQiyi said in a statement late on Tuesday.

Baidu Chief Executive Officer Robin Li, said: "iQiyi has been a quality asset and an important part of our ecosystem. With continuous support, Baidu will empower it with artificial intelligence technologies in the future."