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.

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.

Source: TechNode