China’s private-equity firm, Hony Capital, has announced that it has invested $100 million in the China Yaohua Glass Group. It has also secured a 60% stake in its latest bid to gain access to the integration in the country’s glassmaking industry.

According to Hony, the state asset supervision and administration commission of Qinhuangdao city in Shandong Province holds a 30% stake in the company, while the remaining 10% belongs to the World Bank’s private sector investment arm, the International Finance Corporation (IFC).

The glassmaker has also received $150 million in long-term loans, with $50 million from the IFC and the remainder obtained from commercial banks under the IFC’s coordination, according to the statement.