It is reported that China CNR Corporation obtained a CNY 6.5 billion credit line from China Minsheng Banking Corporation.

CNR Corporation has to date, obtained credit lines totaling CNY 96.9 billion from 11 banks. Before the train collision in Wenzhou, Zhejiang province on July 23, CNR had predicted a 120%YoY rise in first half 2011 net profit. After the accident, CNR recalled 54 CRH380BL locomotives and suspended sales of this type of locomotives.

CNR has yet to complete its fundraising plans, including a private placement of up to 1.68 billion shares to raise CNY 10.248 billion and the issuance of CNY 12 billion of various types of debt.

Following the train collision, listed train makers had faced difficulties in fundraising. China South Locomotive and Rolling Stock Corporation suspended its fundraising plan and China Railway Group cancelled its private placement plan.

According to CNR development plan, it had targeted annual sales revenue of CNY 70 billion in 2011 and CNY 140 billion in 2015. The company aims to be ranked among the top 500 global enterprises by 2020.

(Sourced from Oriental Morning Post)