Xiaomi's loan broke Alibaba's record

There has been new progress in Xiaomi's $1 billion loan. According to the Wall Street Journal, Xiaomi's $1 billion loan will be in place next Friday, attracting 29 banks to participate, breaking the record of 20 banks set by Alibaba's loan.

Xiaomi borrowed $1 billion in a three-year loan from 29 banks, the first time it has raised funds from overseas channels.

Xiaomi will use the loan to expand overseas, according to people familiar with the matter. Xiaomi has already expanded beyond China, selling phones in India and Indonesia.

The three-year, $1 billion loan is expected to be in place by Friday from 29 banks, including Brazil's Banco do Brasil, Bank of Tokyo Mitsubishi UFJ and some Wall Street and Chinese lenders, the people said.

The loan was led by Deutsche Bank, JPMorgan Chase & Co. and Morgan Stanley. Credit Suisse Group AG and Goldman Sachs Group Inc. also participated.

Banking industry insiders said Xiaomi's loan attracted so many banks that the number of participating banks broke the record set by Alibaba, which borrowed $8 billion from 22 banks last year.

As a winner of Toutiao's Qingyun Plan and Baijiahao's Bai+ Plan, the 2019 Baidu Digital Author of the Year, the Baijiahao's Most Popular Author in the Technology Field, the 2019 Sogou Technology and Culture Author, and the 2021 Baijiahao Quarterly Influential Creator, he has won many awards, including the 2013 Sohu Best Industry Media Person, the 2015 China New Media Entrepreneurship Competition Beijing Third Place, the 2015 Guangmang Experience Award, the 2015 China New Media Entrepreneurship Competition Finals Third Place, and the 2018 Baidu Dynamic Annual Powerful Celebrity.