Lei Jun, chairman and chief executive officer of Chinese smartphone maker Xiaomi, says the company will invest USD1 billion in the video content industry as it aims to improve content of its TV and TV box products.

For content, Lei said they prefer to cooperate with partners in the video content sector and realize joint growth in the area.

Lei said the most important thing for Xiaomi in the current stage is the integration and operation of video content. The company aims to establish a complete network which closely combines software, hardware and contents to enhance the competitiveness of the company.

At the same time, Xiaomi announced that Chen Tong, former executive vice president and chief editor of Sina.com, has joined Xiaomi as vice president, leading content investment and content operation.

Xiaomi is rumored to be raising a new round of funds, which could evaluate the company to about USD50 billion. This new round of financing negotiation is reportedly at its early stage and no substantive agreement has been achieved yet. In addition, DST Systems, an existing shareholder of Xiaomi, may participate in the new financing.