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Xiaomi announce US$1 billion loan to help with overseas expansion
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XIAOMI announced today they will obtain a loan of US$1 billion over three years to aid overseas expansion and the improvement of distribution channels.
It signed a syndicated loan agreement for US$1 billion over the next three years, with 18 banks including Bank of China, Deutsche Bank AG and Wing Lung Bank. Xiaomi previously secured a three-year term US$1 billion syndicated loan in 2014.
Xiaomi Founder, Chairman and CEO Lei Jun, said that “new retail,” which is the integration of online and offline retail, as well as globalization, are the company’s top strategic areas for development, with the support of a syndicated loan.
Xiaomi is among the top five smartphone brands in China, behind Huawei, Oppo, Vivo and Apple.
In the second quarter, Xiaomi sold 23.16 million smartphones, marking a record high for quarterly smartphone sales. To date, Xiaomi has opened 149 Mi Home stores across China, with plans to open more in order to improve distribution channels.
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