Baidu says completed around $155m fundraising for new video business

BEIJING - Baidu Inc has completed raising around 1 billion yuan ($154.69 million) for a new video business subsidiary, it said in a posting on its microblog on Wednesday. The subsidiary will comprise three Baidu units, including on-line video streaming service iQIYI, group-buying service Nuomi and Baidu's video portal, it said. No further details were provided. -Reuters