Chinese handset maker Xiaomi on Friday said it has secured a $1 billion loan to fund its global expansion plans and strengthen retail footprint.
“Xiaomi HK ltd has signed a three-year term $1 billion syndicated loan agreement... In total, 18 banks across Europe, the Middle East, India, China, Hong Kong and Taiwan participated in the new syndicated loan,” Xiaomi said in a statement.
The company had previously secured a three-year term $1 billion syndicated loan in 2014.
Xiaomi founder, Chairman and CEO lei Jun said “new retail” (an integration of online and offline retail) and globalisation are two of the company’s top strategic areas for development. “The syndicated loan will further boost its efforts to develop these areas,” he added.