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22 February 2017 By Robyn Mak Follow @mak_robyn

The scandal-hit search engine is prioritising artificial intelligence. Playing to its core strength is sensible. But after costly diversions into video streaming and food delivery, the Chinese tech group owes investors an explanation of how this new pivot will deliver profit.

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Baidu, the operator of China's most popular search engine, said on Feb. 21 that it had raised $1.5 billion in new funds for its video subsidiary, iQiyi.com.

iQiyi issued convertible bonds to investors including Hillhouse Capital, IDG Capital and Sequoia Capital. Baidu invested $300 million.

In January, Baidu said it appointed a former Microsoft executive, Qi Lu, as group president and chief operating officer. Lu will develop artificial intelligence as a key strategic focus for Baidu over the next decade.

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