Yinchuan Tonglian raises $300m in Dubai

Dubai_skylineYinchuan Tonglian Capital Investment has become the first Chinese issuer from outside the banking sector to raise money on the Nasdaq Dubai exchange. The firm listed a $300 million bond to raise money for projects including building an industrial park in the city of Yinchuan, which last month hosted the annual China-Arab States Expo trade exhibition. “Our bond listing on Nasdaq Dubai strengthens the close relationship that China enjoys with the UAE and other Arab countries in a range of activities, which includes capital-raising, investment and trade,” said Zhang Honglin, chairman. China is the UAE's largest trading partner, according to figures from the UAE Ministry of Economy. Nasdaq Dubai currently lists eight bonds from Chinese issuers with a total value of more than $4 billion. Yinchuan is the capital of Ningxia province, which has a large Muslim population. ©2017 funds global asia

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