Xiaomi Technology Co Ltd said on Wednesday, Nov 19, it has made $300 million investment in online video provider iQiyi, according to Reuters.

The investment in iQiyi followed a separate stake purchase deal Xiaomi announced last week in China's largest video streaming site Youku Tudou Inc.

Xiaomi earlier this month pledged to invest a total of $1 billion to expand its Internet TV content, adding to the frenzy in China's fast-growing online video market.