(Yicai Global) April 22 -- Huawei Technologies, the Chinese tech giant that yesterday said first-quarter revenue growth slowed to just1.4 percent, plans to issueits third batch of medium-term notes this year, worth CNY2 billion (USD282.4 million), to boost working capital as financing rates continue to fall.

The five-year notes carry an interest rate of between 2.8 percent to 3.4 percent. They are rated AAA with a stable outlook, according to the prospectus posted yesterday on the Shanghai Clearing House’s website.

Shenzhen-based Huawei sold two other tranches of five-year bonds earlier this year, which also raised CNY2 billion for working capital, after the privately held company issued its first bonds in the Chinese interbank market last October and November. They were three-year MTNs totaling CNY6 billion, also for working capital.

Industrial and Commercial Bank of China is the principal underwriter for the latest MTNs. The subscription period runs from today to tomorrow.

Huawei had revenue of CNY182.2 billion (USD25.7 billion) in the first quarter, up just 1.4 percent from a year earlier, because of the economic fallout caused by coronavirus and US sanctions. That compared with 39 percent growth in the same period of 2019.

Net profit margin narrowed to 7.3 percent in the first three months of this year, from 8 percent a year earlier. The firm did not provide a figure for net profit.

Editor: Peter Thomas