Five Chinese and overseas banks have provided a consortium loan of 300 million yuan (US$ 36 million) for the Shanghai Asahi Electronic Glass Co., Ltd. to support the development of its large colour ki…
Five Chinese and overseas banks have provided a consortium loan of 300 million yuan (US$ 36 million) for the Shanghai Asahi Electronic Glass Co., Ltd. to support the development of its large colour kinescope glass screens and abrading production lines. Shanghai Asahi Electronic Glass, a joint venture funded by the Shanghai Jiushi Company, the Shanghai Vacuum Electron Devices Co., Ltd. and Japan“s Asahi Glass Company and Marubeni Co., is a new and high-tech enterprise producing mainly colour kinescope glass screens. The company earned 1.33 billion yuan in sales and 270 million yuan in profits last year. The three-year loan will help the company develop large colour kinescope glass screens 29 to 34 inches in width. The screens have a huge market potential on the domestic market as Chinese consumers have shown a growing interest in large-screen TV sets. The five banks include the Shanghai branches of Industrial and Commercial Bank of China, Bank of China, Bank of Communications and Hong Kong“s Banks of East Asia Ltd., as well as the Shanghai Pudong Development Bank.