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Chinese Phone Manufacturers Secures Funding for Expansion

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Chinese mobile phone manufacturer, CoolPad has raised up to USD175 million in debt funding to expand its sales reach and develop LTE based smartphones.

The Shenzhen based company secured a three-year loan facility for US$107 million, and can raise up to a further USD68 million, depending on performance.

Coolpad's Chairman and CEO, Guo Deying said in a Hong Kong stock market filing that the amounts borrowed would be used for the group's "growth initiatives", capital expenditure, general corporate purposes and payment of fees related to the loan facility.

The company has previously indicated that it is looking for sales of 20 million smartphones this year, and is aiming to overtake Lenovo in the domestic market.

The firm aims to sell a total of 60 million mobile phones all told, with a third of those sales coming from a renewed focus on online sales.

Coolpad Group (Formerly known as China Wireless Technologies) was founded in 1993, and was listed on the Hong Kong stock exchange in December 2004.

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Tags: coolpad  China