When Faultline placed ‘iQiyi’, ‘the US’ and ’colossal moment for the industry’ in the same sentence a few weeks back, plenty took notice – none larger though than Chinese internet titan Tencent. Tencent is rumored to be plotting an audacious acquisition of iQiyi, China’s fastest growing and most forward-thinking OTT video platform. Sources speaking to Reuters cited the obvious – saying Tencent wants to reduce competition by swallowing its video streaming rival at an opportune time. But Faultline believes the rumored approach signals much more than a standard exercise in strategic competition-thwarting. Given that Tencent joined AOMedia at board level last year (the most elite membership status), the optimist in us hopes Tencent’s reported approach of iQiyi would be to…