Exclusive: Hundreds of Chinese firms seek billions in loans amid coronavirus outbreak. The firms were either involved in the control of the epidemic or had been hardest hit
), ride-hailing provider Didi Chuxing Technology Co, facial recognition start-up Megvii Technology Inc and internet security business Qihoo 360 Technology Co, the sources said, adding that the companies seeking loans were either involved in the control of the epidemic or had been hardest hit.
“Banks will have the final say on lending decisions,” one of the sources said. “The interest rates are likely to be on par with those offered to banks’ top clients.” Exchange disclosures showed that Xiaomi’s third-quarter revenue growth slowed, but gross profit surged 25.2% year on year to 8.2 billion yuan. Meituan Dianping has been profitable for the past two quarters.
Beijing-based Megvii has sought to raise funds through an initial public offering in Hong Kong, but its efforts were initially delayed after its inclusion on a U.S. trade blacklist over alleged involvement in human rights violations related to Beijing’s clampdown on Uighurs in China’s Xinjiang region. The company has said it “strongly objected” to the U.S. move.
“The banks won’t lend to all because they need to evaluate whether those companies are really able to pay back,” one of the sources said.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Exclusive: Hundreds of Chinese firms seek billions in loans amid coronavirus outbreak - sourcesExclusive: Hundreds of Chinese firms including Meituan Dianping, China’s largest food delivery company, and smartphone maker Xiaomi are seeking billions in bank loans to soften the impact of the coronavirus
Read more »
Deaths from China's coronavirus outbreak surpass deaths from SARSThe number of new coronavirus deaths on the Chinese mainland hit 811 by end of F...
Read more »
Chinese demand freedom of speech and honesty after whistleblower in coronavirus fight diesAmid coronavirus outbreak, Chinese people are angered by state propaganda and demanding accountability and truth.
Read more »
Coronavirus live updates: China pledges $10 billion to fight outbreak, UK confirms fourth caseChina has allocated a total of 71.85 billion yuan ($10.26 billion) to fight the fast-spreading coronavirus, which has killed more than 800 people
Read more »
Coronavirus updates: Number of deaths on mainland China climbs to 908Coronavirus updates: 14 Americans aboard quarantined cruise ship now confirmed to have coronavirus
Read more »