Baidu has announced a strategic investment in Xinchao Media, a media company that specializes in elevator ads, according to the company's post on Bai Jiahao (in Chinese). While Baidu did not disclose the size of the new investment, other reports suggest Xinchao Media's latest financing round led by Baidu was totaled RMB 2.1 billion and Huaxing Capital was the exclusive financial advisor on the deal. Forming a strategic partnership with Xinchao Media is part of Baidu's offline advertising push. "In the age of AI, market environment along with the development of technology is pushing and renewing the vigor of offline advertising," the Chinese search engine giant said in the post. On one hand, the growth of mobile devices and the growth of online traffic are slowing.