 "Xiaomi gains new $1-billion loan to drive retail push")
Chinese smartphone maker Xiaomi 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.
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 to Alibaba pushing into new areas from cloud computing to artificial intelligence. It follows a three-year $1-billion syndicated loan in 2014. Xiaomi has seen a recent return to form in phone sales after being hit by competition from rival Huawei Technologies and brands Vivo and Oppo.
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