Yangguang Media Development Corp, a wholly owned subsidiary of China National Radio, secured a 5 billion yuan credit line from the Beijing branch of Industrial and Commercial Bank of China (ICBC) on Thursday, China Securities Journal reported.
Zhang Wenlei, general manager of Yangguang Media, said the company would accelerate its development and try to land in capital markets as soon as possible.
Under an agreement signed on Thursday, Yangguang Media will establish long-term stable cooperative ties with ICBC's Beijing branch to sharpen its competitive edge.
The latest deal came after the 3 billion yuan credit line Yangguang Media got from China Construction Bank on November 26.
Yangguang Media engages in traditional media, new media and cultural media businesses. A restructuring of the company is under way.
Zhang said Yangguang Media would set up a corporation as soon as possible to prepare for its entry into capital markets.
