Xiaomi has sold 1.2 billion US Dollars worth of debt through a dollar bond deal that was offered to global investors. The news arrives as the company faces scrutiny amid increasing pressure from China.
According to a Bloomberg report, the Chinese tech giant’s sales included 400 million uS Dollars worth of 30 year green bond. The other 800 million US Dollars were for 10 year bonds. As per sources close to the matter, the borrower had also received a sales quota of 1.2 billion US Dollars from China’s National Development and Reform Commission. For those unaware, the move from the brand arrives as China tightens the reins around its major domestic tech firms.
Back in 2020, the company had raised nearly 5 billion US Dollars from the sale of various securities. It also reported strong growth in its core smartphone business as well at the start of this year. But now, it seems like the firm is aiming on expanding beyond consumer electronics products, with the reports surfacing of the company working on building its own electric vehicle as well. Xiaomi recently stated that new projects for its green bond proceeds include clean transportation and renewable energy.
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