HONG KONG (Reuters) – Huawei Technologies [HWT.UL] plans to issue two tranches of bonds worth 3 billion yuan ($422 million) each, the first time it is tapping the onshore yuan bond market, the Chinese technology giant said in regulatory filings on Wednesday. No issuance dates have been set for the three-year medium-term notes for the Chinese interbank market, according to the prospectus, which shows Huawei has applied for approval to raise as much as 20 billion yuan. “The bond market in China is developing rapidly…With this bond issuance, Huawei plans to tap into the Chinese bond market, diversify its financing channels and improve its overall financing plan,” a Huawei spokesman said. The funds will be used to replenish working capital and invest in core businesses such as information and communications technology (ICT) infrastructure, Huawei said. The company is fighting a trade ban from Washington that threatens to cut its access to U.S. components and software on national security grounds. Huawei has repeatedly denied U.S. allegations of spying. Despite U.S. sanctions since May here Huawei reported faster half-year revenue growth of 23% to 401.3 billion yuan in July. The unlisted firm made a net profit of 59.3 billion yuan on revenue of 721.2 billion yuan in 2018. Huawei has four outstanding offshore US dollar bonds worth $4.5 billion in total, according to the filing.