Xinchao Media Group, an elevator TV provider based in the southwestern Chinese city of Chengdu, has raised Rmb2.1 billion $300 million strategic investment from Baidu.
China Renaissance is the exclusive financial consultant for the deal.
Founded in 2007, Xinchao, which has more than 12,000 clients, provides television streaming in over 700,000 elevators in 100 cities. Advertisements are played repeatedly in elevators, forcing people to watch and listen to them - no matter whether they want to or not.
The elevator TV provider completed its Series F fundraising in March, with $863 million from investors that include LED lighting company Opple,...