Xiaomi to raise $1.2 billion debit amid intensifying tech clampdown in China

Chinese electronics giant Xiaomi aims to raise around $1.2 billion via debt issuance at a time when authorities are cracking down on China’s technology giants.

Chinese electronics giant Xiaomi aims to raise around $1.2 billion via debt issuance at a time when authorities are cracking down on China’s technology giants. According to company’s latest regulatory filings, it aims to issue $800 million worth of bonds due in 2031 with a coupon of 2.875 per cent per year. It will raise another $400 million of so-called green bonds with a 4.1 per cent coupon per year. The proceeds will be used for “general corporate purposes,” the filing says. These may include Xiaomi’s efforts to expand to different categories. The electronics maker has already entered multiple markets by now and has recently unveiled its plans to break into categories such as electric vehicles. Xiaomi had said that it would announce its own electric car business and invest $10 billion over the next 10 years.