China's biggest mobile phone manufacturer, Xiaomi, is the latest mainland company to bet big on video content and the country's evolving entertainment industry.

The company is investing one billion U.S. dollars in TV and video content, and has hired ex-Sina internet exec Chen Tong.

Chen will head the company's TV and video content operations with Xiaomi co-founder Wang Chuan.

Lei Jun, the other co-founder of the company, says that Chen's familiarity with social media and web content will help Xiaomi diversify its business in the future.

Xiaomi joins the ranks of China's tech and web giants in its jump into entertainment. Similar moves have been made by Baidu, Alibaba and Tencent to capitalize on the country's entertainment market.

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• Ex-Sina executive joins Xiaomi
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• Xiaomi to tap overseas funds

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