24 July 2015. Baidu's video streaming subsidiary iQiyi has denied rumours that its competitor Youku Tudou is planning to buy it. Rumours that Youku Toudu could buy iQiyi within 2 months began circulating last week. This is the second time this year that iQiyi has had to deny a takeover by its competitor, following similar rumours in May. iQiyi is one of the key video streaming companies in China. Its paid subscription service hit five million subscribers in June, an increase of 765% from the previous year.
