PPTV, a Chinese peer-to-peer video streaming service, has been be acquired by Hony Capital of Lenovo and Suning, a Chinese home appliance retailer, for $420 million, as reported by Sohu IT (report in Chinese).

A new company will be jointly established by Suning and Hony Capital in Hong Kong, with the former taking a controlling stake. Suning will announce it this afternoon, according to the report.

Update: Suning has announced that it will invest $250 million in PPTV to get 44% in stake, becoming the company’s biggest shareholder. The rest $170 million will come from Hony Capital. Thus PPTV is valued at about $568 million.

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Tracey Xiang

Tracey Xiang is Beijing, China-based tech writer. Reach her at traceyxiang@gmail.com