ByteDance secures $29.6bn loan from 28 banks, topped $20bn request
Business
ByteDance, the company behind TikTok, just scored a huge $29.6 billion loan from 28 banks, one of Asia's biggest deals this year.
They originally asked for $20 billion. This shows banks are still betting big on ByteDance.
Loan funds to boost ByteDance AI
Chinese banks stepped up in a big way, putting in 64% of the cash; ICBC alone chipped in $3 billion. HSBC and a couple of other international players joined too.
ByteDance says this money will go toward general business needs, with the company building up its AI ambitions.
For context: this is Asia's second-largest dollar loan of this year, right after SoftBank Group Corp.'s $40 billion bridge loan signed in March.