Chinese Internet giant Baidu has bought a $58 million stake in Hong Kong-based theater chain SMI to expand its online-to-offline (O2O) entertainment business into theaters in China.
The investment will give Baidu a role in ticket services, map search and mobile-based location services, and will develop new services such as online crowdfunding by Baidu and promoting a loyalty card issued by SMI and Baidu.
Hong Kong listed SMI said in a statement it was raising $114 million (HK$887million) through the subscription and share placing, which will be used for capital expenditure.
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