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China is expected to become the world’s second largest wine market behind the US in the next five years, with consumption set to rise over a third to hit $23 billion.
The move could help the firm leverage its network of warehouses and drivers to bolster flagging profits.
The delivery platform is squaring off with Alibaba-backed rivals Alipay, Ele.me and Koubei as well as Tencent’s own WeChat.
The Chinese move likely comes too late for a resurrection of the deal, which had become embroiled in a political spat between Washington and Beijing.
The deal would give iQiyi access to a broader range of stories amid a fierce battle for content with deep-pocketed rivals such as Tencent and Alibaba.
The investment from the iPhone maker will be made along with 10 suppliers including Pegatron Corp and Wistron Corp over a four-year period.
CMC has a stake in football team Manchester City’s owner and a JV with Warner Brothers.
Xiaomi said it would apply to China’s securities regulator to postpone a review of its CDR offering application.
Didi started expanding outside Asia in Mexico earlier this year, and has said globalisation is a core strategy.
Kuaishou, meaning “fast hand”, is valued at about $18 billion.