ZTE Corporation, the struggling Chinese handset and telecoms equipment maker, has secured an additional $5bn of funding from China Development Bank, the state-backed financial institution.
The Shenzhen-based company, which has been forced to issue profit warnings given a slump in its core infrastructure business, already had a financing facility with China Development Bank (CDB) of $15bn.
The additional funding at a difficult time for the group will raise further questions about the separation between the Hong Kong-listed ZTE and the state, with allegations in the US in particular about connections with government entities. Earlier this year, a US Congress report said that ZTE and rival Huawei posed a national security threat.
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