Xiaomi secures bln loan for global expansion, retail development

Updated 2017-07-29 17:45:11 Xinhua

Chinese tech giant Xiaomi announced Friday that its wholly owned subsidiary, Xiaomi H.K. Ltd. has signed a three-year term syndicated loan agreement worth one billion U.S. dollars.

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

In total, 18 banks across Europe, the Middle East, India, the Chinese mainland, Hong Kong and Taiwan participated in the new syndicated loan.

Xiaomi had previously secured a three-year term syndicated loan of one billion dollars in 2014.

"New retail," meaning the integration of online and offline retail, and globalization are two of the company's top five strategic areas for development, and the syndicated loan will further boost its efforts to develop these areas, according to Lei Jun, the founder, chairman and CEO of Xiaomi.

The smartphone maker shipped 23.16 million smartphones in the second quarter of 2017, up 70 percent from the previous quarter, marking a record high for its quarterly smartphone shipments.

Meanwhile, Xiaomi emphasized the importance of new retail to the company's strategy, with a total of 149 Mi Home stores opened across China.

Lei had earlier disclosed that Xiaomi's global business had crossed into an era of rapid growth. Xiaomi is now present in over 40 countries and regions and holds a leading market share in many of these countries.

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