The Nasdaq OMX Group (Nasdaq:NDAQ) today signed a Memorandum of Understanding (MoU) with the Tianjin Municipal People's Government for collaboration regarding overseas listings for companies in the Tianjin - Binhai new economic area.
The agreement provides support for Tianjin companies wishing to list overseas and the exchange of information with regard to capital raising and support services for public companies domiciled in Tianjin.
"We are pleased to announce our new partnership with the Tianjin government since this part of China truly represents innovation and growth," said Bob McCooey, Senior Vice President of New Listings and the Capital Markets Group of NASDAQ OMX. "This region is the gateway to North China and we look forward to expanding our presence and reach in this important region."
Tianjin is one of four state municipalities in China and the third largest city after Beijing and Shanghai. Massive government investment has been allocated to seven major industries, including IT, automotive and manufacturing, the oil and chemical industry, biotech, alternative energy, mining and metallurgy and "GreenFood" (research into agricultural production using less chemicals). More than 15,000 foreign corporations have a presence in Tianjin, including Airbus and Samsung.
The Chinese government has reported that one out of every 10 mobile phones produced in the world was manufactured in the area.
The MoU signing ceremony took place in the mayor's residence in Tianjin with Bob McCooey of NASDAQ OMX and Tianjin deputy mayor Cui Jindu.
There are 78 listed companies from Mainland China listed on NASDAQ OMX and 18 from Hong Kong, Macau and Taiwan. NASDAQ OMX has representative offices in Beijing and Hong Kong and has MoUs with the Shanghai and Shenzhen stock exchanges.