Xiaomi

Chinese smartphone maker Xiaomi Inc said it had signed a deal for a new $1 billion loan to accelerate its drive retail and help a push in overseas.

The 3 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.

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.

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

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