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Baidu investing US$202M in Chinese AI company

Baidu Inc. will invest 1.44 billion Chinese yuan in artificial intelligence company Neusoft Holdings, Reuters reported Sept. 10.

The Chinese search engine giant plans to work with Neusoft Holdings in projects across sectors such as healthcare and smart cities.

Following the investment, Baidu Chief Technology Officer Wang Haifeng will join Neusoft Holdings' board, according to Reuters.

Baidu earlier teamed up with Beijing Kuaishou Technology Ltd. to invest US$434 million in Tencent Holdings Ltd.-backed question-and-answer platform Zhihu. The company also agreed to invest US$30 million in China Youzan Ltd. e-commerce unit Qima.

As of Sept. 9, US$1 was equivalent to 7.12 Chinese yuan.