Vobile has announced it has secured more than US$127 million in facility for its proposed acquisition of Particle Culture Technology Group in mainland China. Solely led by HSBC, the bespoke financing package is comprised of senior bilateral facility as well as private credit funds, supporting Vobile to drive its innovation and growth strategy in mainland China amid the fast-changing technology landscape.
“Having the full support of HSBC, one of the largest global banking and financial services organizations, is opening up a world of growth opportunities for Vobile,” stated Yangbin Wang, Chairman and CEO of Vobile Group, “The financing solution provided by HSBC Commercial Banking enables us to move forward with the closing of the announced major acquisition, which will further accelerate our business growth in China. We look forward to expanding our collaboration with HSBC in the future.”
Frank Fang, General Manager and Head of Commercial Banking, Hong Kong and Macau, said: “Technology and innovation are key growth drivers of the Mainland’s economy. HSBC is delighted to arrange a tailored financing solution for Vobile, elevating our relationship by further supporting its business ambition to expand into mainland China. This transaction also reflects the Bank’s strategic commitment to helping entrepreneurs and the new economy connect to new opportunities through our global network and financial expertise.”
As its key banking partner, HSBC has supported Vobile’s growth journey from the outset since 2015, providing wide range of services throughout its business lifecycle. On top of acquisition financing, the Bank provided capital expenditure facility under the HSBC GBA+ Technology Fund last year, a debt financing scheme that supports high growth companies in the new economy in the Guangdong-Hong Kong-Macao Greater Bay Area.
