(Yicai Global) June 16 -- Kuaishou has bought into the company behind Renren Video, a Chinese video-sharing app that was pulled from Apple’s App Store more than a week ago, while Xiaomi has made a further investment, boosting the firm’s registered capital by 14.8 percent, according to corporate information website Tianyancha.
Short-video platform Kuaishou now owns 10.38 percent of Zhongduomei Network Technology, information updated yesterday on Tianyancha showed. Two units of smartphone maker Xiaomi invested for stakes of 1.5 percent and almost 1.36 percent each.
In the process, Zhongduomei’s capitalization rose to about CNY2.6 million (USD406,000) from CNY2.3 million. Advert creation and publishing were also added to the Shanghai-based company’s business scope, along with software sales.
With an emphasis on Western movies and television shows, Renren Video is China’s fifth-largest video platform. It was removed from Apple’s App Store on June 6 to rectify its short video content, but is still available in the app stores of Huawei and Xiaomi.
Set up in 2014, Renren Video had 160 million registered users as of October and average monthly users of more than 40 million. It has held six funding rounds since 2015, with participants such as Xiaomi, Baidu, Sinovation Ventures and Incapital.
Editor: Futura Costaglione