Chinese video service provider Baofeng to compete with Xiaomi on smart TVs

Baofeng, a Chinese online video service provider that has pinpointed virtual reality as one of its future business interests, announced this week that it will develop a smart TV brand in a joint venture with other domestic companies.

Partners include Chinese animation company Alpha Animation and Culture, consumer electronics manufacturer 3Nod, and Ririshun, a logistics subsidiary of Hong Kong-listed Haier Electronics.

Baofeng CEO Feng Xin told reporters at a press event on Monday that the company will “100 per cent” launch a TV this year, adding that much can still be done to improve the internet TV products currently on the market.

The newly established venture also acquired Haier’s smart TV affiliate Tongshuai Chuangzhijia. Baofeng holds a 50 per cent stake, while Ririshun and Alpha Animation will own 21 per cent and 10 per cent, respectively. The remainder belongs to the company’s management team.

Baofeng has over 50 million daily active users. Moreover, Alpha Animation’s content and 3Nod’s video technology expertise will give Baofeng TV a competitive edge, Feng said.

Ririshun will play a supporting role in the joint venture by providing supply chain management, logistics and sales channels.

Baofeng's competitor LeTV and Chinese electronics giant Xiaomi, dubbed "China's Apple", already have smart TVs on the market.