Shannon IC Design refinances acquisition loan with new bank

Shannon IC Design (formerly Anhui Julong Transmission Technology) has agreed a RMB 200 million acquisition loan with Shanghai Pudong Development Bank's Shenzhen Branch.

The new facility will replace part of an existing acquisition loan from Industrial Bank, which has a principal balance of RMB 26.1 million. The original loan, approved in 2021, was for up to RMB 1.08 billion over seven years to acquire 100% of United Create Technology.

The new loan has a one-year term, with Shannon IC Design pledging 100% of United Create Technology's equity as collateral.