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Yinchuan Tonglian marks $300m bond-listing on Nasdaq Dubai

Yinchuan Tonglian marks $300m bond-listing on Nasdaq Dubai
Chinese institutions have so far listed eight bonds worth $4.26 billion on Nasdaq Dubai

Dubai – Mubasher:  Yinchuan Tonglian Capital Investment Operation Company on Monday celebrated the listing of a $300 million bond on Nasdaq Dubai.

The bond issue’s proceeds will serve “general corporate purposes including construction of Binhe New District Industrial Park in Yinchuan”, the Chinese company said in a statement.

Yinchuan Tonglian plans to increase its businesses in various sectors such as municipal infrastructure projects, transport, affordable housing, and water supply.  

The listing of our company on Nasdaq Dubai promotes the warm relationship between China and the UAE, said Zhang Honglin, Yinchuan Tonglian’s chairman.

“As the region's international exchange, Nasdaq Dubai provides us with excellent links to regional as well as global investors who wish to support our business and development activities in the Yinchuan area,” the top official added.

“Since our first bond listing from China in 2014, we have worked successfully to establish Nasdaq Dubai as the region’s leading listing venue for Chinese institutions,” Abdul Wahed Al Fahim, Nasdaq Dubai’s Chairman commented.   

Meanwhile, Nasdaq Dubai chief executive Hamed Ali stated that Yinchuan Tonglian will be followed by several entities in China which seek to work in the UAE.

“As the first Chinese issuer from outside the banking sector to list on Nasdaq Dubai, Tonglian is blazing a trail that we believe will be followed by many other governments and private entities based in China," Ali noted, indicating that his company will continue to streamline its "listing architecture and services for issuers and their investors to meet the evolving requirements of Chinese entities.”

Chinese institutions have so far listed eight bonds worth a combined value of $4.26 billion on Nasdaq Dubai.

China is the UAE’s biggest trading partner, with trade between the two countries amounting to AED 170.2 billion in 2016, the UAE Ministry of Economy said previously.