Xiaomi secures $1bn loan to fund stores and overseas expansion

Chinese smartphone maker Xiaomi has secured a $1bn (£764m), three-year, syndicated loan, to accelerate its drive into bricks-and-mortar stores and expand overseas. The company previously took a three-year $1bn syndicated loan in 2014.

The company shipped 23.16m smartphones in the second quarter of 2017, up 70 per cent on the previous quarter, marking a record high for its quarterly smartphone shipments, it said in a statement.

The loan, which was coordinated globally by Deutsche Bank and Morgan Stanley, involved 18 banks in Europe, the Middle East, India, China, Hong Kong and Taiwan.

“The global syndicate of top-tier banks is a strong endorsement of Xiaomi by the international capital markets,” said Xiaomi CFO, Shou Zi Chew.

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