Xiaomi secures b loan to aid retail, global expansion

Updated 2017-07-28 16:05:19 chinadaily.com.cn
Xiaomi founder Lei Jun speaks at Mi 5X launching event in Beijing, July 26, 2017.

Xiaomi founder Lei Jun speaks at Mi 5X launching event in Beijing, July 26, 2017.

Xiaomi announced Friday that its wholly owned subsidiary Xiaomi HK Ltd has signed a three-year billion syndicated loan agreement with 18 banks.

Deutsche Bank and Morgan Stanley served as joint global coordinator for this loan, with Bank of China (Hong Kong) Limited, Deutsche Bank AG, and Wing Lung Bank Ltd as mandated lead arrangers and bookrunners.

Xiaomi founder Lei Jun said that "new retail," which is the integration of online and offline retail, and globalization are two of the company's top five strategic areas for development.

"The syndicated loan will further boost its efforts to develop these areas," he added.

Xiaomi CFO Chew Shouzi said: "The global syndicate of top-tier banks is a strong endorsement of Xiaomi by the international capital markets."

Xiaomi claimed that it shipped 23.16 million smartphones in the second quarter of 2017, an increase of 70 percent from the previous quarter.

Xiaomi recently also fine-tuned its "triathlon" business model from "hardware software internet services" to "hardware new retail internet services," emphasizing the importance of new retail to the company's strategy.

To date, Xiaomi has opened 149 Mi Home stores across China and will open 1,000 such stores in the next three years, Lei said on the launch ceremony of Mi 5X on Wednesday in Beijing.

Xiaomi is now present in over 40 countries and regions, according to Lei.

"Innovation combined with patent accumulation is the cornerstone of Xiaomi's overseas expansion strategy," Lei said. The company currently has 4,806 granted patent assets, of which 2,404 are international patents.

Earlier this year, Xiaomi signed a multi-year patent agreement with Nokia, which included Xiaomi's acquisition of patent assets from Nokia.

Xiaomi had previously secured a three-year billion syndicated loan in 2014.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58November 23 2017 13:26:26

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16November 23 2017 13:26:26

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18November 23 2017 13:26:26

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords