China's Tonglian Capital Investment lists $300m bond on Nasdaq Dubai

DUBAI - Zhang Honglin, Chairman of Yinchuan Tonglian Capital Investment Operation Company (Tonglian) of China rang here Monday the market opening bell to celebrate the listing today of a $300 million bond on Nasdaq Dubai, United Arab Emirates (UAE), the biggest international exchange in the Middle East.

Nasdaq Dubai said in an emailed statement the proceeds of the bond issuance will be used for general corporate purposes including construction of Binhe New District Industrial Park in Yinchuan, which last month hosted the annual China-Arab States Expo trade exhibition.

Yinchuan, capital of Northwest China's Ningxia Hui autonomous region, is connected since March 2015 through a direct flight to Dubai by the Gulf Arab emirate's government-controlled Emirates Airline.

Bilateral trade between China and the UAE reached a total of $46.37 billion in 2016, making China the UAE's biggest trading partner, according to the UAE Ministry of Economy.

Eight bonds from Chinese institutions with a total value of $4.26 billion are currently listed on Nasdaq Dubai, said the exchange.