China's Suning announced plans to increase its strategic investment in PPTV, a Chinese video website.
At the same time, its board of directors appointed Fan Zhijun, executive president for Suning in East China, as chairman of the management committee at PPTV.
Suning said that over the past year of transition, the strategic integration of PPTV and Suning is becoming clear. The two parties will team to seize the Internet multi-screen portal market and actively develop and distribute on mobile, family and PC video terminals.
By June 2014, PPTV's daily user coverage reportedly reached 42.64 million and its daily visit view was about 280 million.
At the end of October 2013, Suning teamed with Hony Capital in acquiring about 74% of PPTV for USD420 million. With this move, Suning gained a 44% stake in the video website and became its largest shareholder.
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