World News

China’s Citic, AIbank to lend Haidilao restaurants 2.1 billion yuan

BEIJING (Reuters) – China’s Citic Bank and AIBank will lend 2.1 billion yuan ($298.77 million) to hotpot chain Haidilao International <6862.HK> to help it manage the plunge in demand during the coronavirus outbreak, according to a statement on AIBank’s official WeChat account on Friday.

AIBank is a digital bank jointly owned by Citic Bank Corp Ltd <601998.SS> and search engine company Baidu <BIDU.O>.

The banks have already issued 810 million yuan to the restaurant chain, said the statement.

(Reporting by Sophie Yu, Leng Cheng and Dominique Patton; Editing by Christian Schmollinger)