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Xiaomi granted US$1Bn loan for global expansion and retail store push

By Michael Low & Cookie Monster - on 29 Jul 2017, 9:45am

Xiaomi granted US$1Bn loan for global expansion and retail store push

Xiaomi accelerates its plans for international expansion and more physical stores with a new US$1 billion loan.

The three-year loan was coordinated globally by Deutsche Bank and Morgan Stanley, and involved 18 banks from 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," Xiaomi Chief Financial Officer Shou Zi Chew said.

The Chinese company recently announced a record quarter with 23.16 million phones shipped.  With offline retail and global business driving growth, it is no surprise that Xiaomi is taking up another loan to expand overseas and build more retail stores. 

Source: Reuters.