Huawei to issue two tranches of Chinese bonds

HONG KONG (Reuters) – Huawei Technologies plans to issue two tranches of bonds worth 3 billion yuan ($422 million) each, the first time it is tapping the onshore yuan bond market, the Chinese technology giant said in regulatory filings on Wednesday. “The bond market in China is developing rapidly…With this bond issuance, Huawei plans to tap into the Chinese bond market, diversify its financing channels and improve its overall financing plan,” a Huawei spokesman said. Despite U.S. sanctions since May, Huawei reported faster half-year revenue growth of 23% to 401.3 billion yuan in July. The unlisted firm made a net profit of 59.3 billion yuan on revenue of 721.2 billion yuan in 2018. ($1 = 7.1164 Chinese yuan renminbi)(Reporting by Sijia Jiang and Noah Sin; Additional reporting by the Beijing Monitoring Desk.

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