gains new $1 billion loan to drive retail push by xiaomi , expansion overseas
The three-year syndicated loan comes as China's tech giants look to diversify their businesses as e-commerce growth slows, with rivals from Baidu Inc to Alibaba pushing into new areas from cloud computing to artificial intelligence.
It follows a three-year $1 billion syndicated loan in 2014.
FILE PHOTO - A Xiaomi company's logo is pictured during a presentation to celebrate the entry of the company into the Mexican market, in Mexico City, Mexico, May 9, 2017. Reuters
Chinese smartphone maker Xiaomi Inc said on Friday it had signed a deal for a new $1 billion loan to accelerate its drive into brick-and-mortar stores and help a push overseas.
Xiaomi has seen a recent return to form in phone sales after being hit by competition from rival Huawei Technologies Co Ltd and brands Vivo and Oppo.
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