Xiaomi's expansion plans receives US$1 billion boost

Electronics giant Xiaomi has announced that they have secured a US$1 billion loan in debt financing from a group of 18 banks led by Deutsche Bank and Morgan Stanley.
The Beijing-based company also raised around $1.45 billion in equity financing from venture capital firms like Qualcomm Ventures and IDG Capital.
The money will allow the company to pursue their plan of building more offline bricks-and-mortar stores, which ranks as a top priority for development by the Chinese company.
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