A Baidu subsidiary will take an 11% stake in Skyworth's smart TV spinout, which also counts Tencent and iQiyi as backers, after buying primary and secondary shares.
A subsidiary of internet group Baidu has agreed to invest RMB1.01bn ($160m) in China-based smart television producer Coocaa, according to a stock exchange filing today.
The Baidu subsidiary will also buy shares in Coocaa from one of its existing investors, Kujin Shenzhen, whose stake will be cut from 10.3% to 8.7%, while Baidu will hold an 11% share in Coocaa once both transactions have closed.
Coocaa was spun off from consumer electronics manufacturer Skyworth Digital, which will still own 64.3%…
