China Reform Holdings Corporation (CRHC) said Thursday that it had acquired a 58-percent stake in Dagong Global Credit Rating Co., a key player in China's credit rating industry.

"Credit ratings have played an increasingly important role in risk revealment. The acquisition of Dagong Global Credit Rating Co. will strengthen CRHC's ability in managing its state-owned assets," said CRHC president Zhou Yubo.

Founded in 1994, Dagong Global Credit Rating Co. is one of the earliest credit rating providers in China.

CRHC will help Dagong Global Credit Rating Co. reinvent its brand image, encourage it to increase spending on research and development, and improve its management, Zhou said.

CRHC, a centrally-administered state-owned enterprise, comprises five sectors: fund investment, financial services, asset management, stock equity operation and outbound investment.