More than 300 Chinese firms seeking billions of loans to combat nCov

Xiaomi is seeking $716m (CNY5b) to develop and sell medical equipment.

More than 300 Chinese firms are seeking bank loans amounting at least $8.2b (CNY57.4b) to cushion the effects of the coronavirus, Reuters reported.

Borrowers include food delivery giant Meituan Dianping, smartphone maker Xiaomi, ride-hailing firm Didi Chuxing Technology, facial recognition startup Megvii Technology, and cybersecurity software provider Qihoo 360.

Xiaomi is seeking $716m (CNY5b) in loans to develop and sell medical equipment such as masks and thermometers. Meituan Dianping is seeking $573m (CNY4b) for free food and deliveries to Wuhan medical staff, whilst Didi Chuxing is seeking $7.1m (CNY50m).

Beijing loan-seekers are likely to get fast-track approval and preferential interest rates.

Here's more from Reuters.

Photo courtesy of Pexels.com.

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