BesTV Secures RMB 4 Bln Line of Credit

NetEase Tech, 3/16/12

In a public filing today, Shanghai Media Group IPTV subsidiary Shanghai BesTV New Media (600637.SH) announced that it had signed a strategic partnership framework agreement with the Bank of China under which BesTV will be able to secure up to RMB 4 bln in authorized credit from the bank. The Bank of China will provide financial support for BesTV initiatives in the areas of IPTV, mobile phones, tablet computing, internet television, and smart TV R&D, as well as marketing, sales, and services.

Editor's Note: "Authorized credit" entails banks directly providing funding support to clients, or offering a third-party guarantee of client credit-worthiness during clients' economic activities.

Keywords: financing Bank of China Shanghai Media Group Internet IPTV television BesTV R&D 600637.SH tablet smart TV handset Internet TV

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