“Through the Shou Chuang endorsement company to provide endorsement, we obtained 50 million yuan loans from the Cuiwei branch of Beijing Bank.” Wang Changtian, president of Enlight Media Ltd. said.

It is said by officials in Beijing that since the financial crisis, there had been an overall slowdown in economic growth in Beijing, but the field of cultural and creative industries was growing the same in the period of last year. As of the end of April, Beijing Bank, Bank of Communications Beijing Branch have approved 87 loans projects for cultural and creative industries with 1.4 billion loans.

The merger was announced today as a new management team for the new company was also unveiled.

Under the new management, Sean Wang, president of Hurray!, works as president and CFO of the new company. Li Xiaoping, vice president of Enlight Media, will work as joint president for the company. While Wang Changtian, president of Enlight Media, takes the position of CEO of the new company and he is also the largest individual shareholder of the new company.

Wang Qindai, CEO of Hurray!, who is said to have participated in the entire process of the planning of the merger, has chosen to withdraw from the business for personal reasons, hopefully with a golden parachute.

As Hurray! has already made some business adjustments before, there reportedly won’t be any staff reduction following this merger.

Source : Chinatechnews