CRI听力:Xiaomi Inc. Invests Over 10 Million RMB in Youku and Tudou.com

Xiaomi, a privately owned Chinese electronics company headquartered in Beijing, announced today it has invested over 10 million dollars in Youku and Tudou.com, major video hosting services in the Chinese Internet video sector.

That was just after China's Single Day on which the sales of Xiaomi products reached 1.2 billion RMB with 8,500,000 units sold on mobile devices.

Xiaomi also announced early this month it plans to make a billion dollar investment in video industries, mainly to solve content issues on Xiaomi TV, and to improve user's experiences.

Lei Jun, the Founder and CEO of Xiaomi, states that establishing a strong video section is very important and the current goal of Xiaomi is to combine the device with content.

Lei considers meeting the current goal as the key in improving competitiveness as a domestic brand.

Xiaomi was founded in April 2010 by Lei and his friends in Zhongguancun which has been called "China's Silicon Valley." Xiaomi's first smartphone debuted on Aug. 16, 2011.

And Xiaomi is aiming for an initial public offering as early as next year.

For more on the Xiaomi Inc. investment in Youku and Tudou, the Beijing Hour's Shane Bigham spoke earlier with Cao Can, CRI's Financial Commentator.