Pryor Cashman LLP is pleased to announce that it signed two Memorandums of Understanding (MOU) with the People’s Republic of China on December 2, 2010. The MOUs establish a cooperation relationship between the parties pursuant to which they will work together to assist Chinese municipalities and companies with business development strategies, including the legal framework of accessing the capital markets in the United States.
The first MOU is with the International Cooperation Center of the National Development and Reform Commission (ICC-NDRC). The NDRC is the top macroeconomic management agency under the Chinese State Council with broad administrative and planning control over the Chinese economy. Pursuant to the first MOU, Pryor Cashman will cooperate with and advise the NDRC, municipalities and private industries on the legal aspects and opportunities for accessing U.S. capital markets, the markets for U.S. goods and services, and technological innovations through technology transfer and joint venture agreements.
As an important step in implementing the first MOU, Pryor Cashman entered into a second MOU with the Shijiazhuang Municipal Government and ICC-NDRC in order to cooperate and support the growth and business development strategies of Shijiazhuang-based administrations and enterprises, including assisting the Shijiazhuang Municipal Government in establishing economic relations and conducting economic cooperation projects with U.S. cities and other governmental entities.
The cooperation relationship will also aim to help Shijiazhuang-based enterprises conduct all-round cooperation with U.S. investors and enterprises, including assisting and advising small- and medium-sized Shijiazhuang-based enterprises in connection with their U.S. ventures, e.g., going public, funding, listing on national securities exchanges, corporate transactions – including M&A and making investments in the U.S., as well as introducing U.S. investors and U.S high-tech enterprises to Shijiazhuang-based enterprises and providing legal and consulting service for both Shijiazhuang-based and United States-based administrations and enterprises that are willing to conduct communication and cooperation.
Pryor Cashman’s Selig D. Sacks, Senior Partner and Co-Chair of the firm’s China Practice Group, will lead the firm’s joint involvement in this partnership, with additional support provided by Eric M. Hellige, Chair of Pryor Cashman’s Corporate and Securities Group, Partner Edward C. Normandin and Of Counsel Elizabeth Fei Chen.
“We are privileged and honored to be entering into a cooperation relationship with the ICC-NDRC as well as the Shijiazhuang Municipal Government,” said Sacks. “The PRC is a very important area of focus for our firm and we are committed to working with the ICC-NDRC and the Shijiazhuang Municipal Government to assist Chinese companies with helping to grow their marketshare within the United States. This joint relationship will enhance and reinforce our ability to deliver the highest level of service to our China-based clients and we remain grateful for this opportunity.”
Zhang Xiaochong, Director-General of the ICC-NDRC stated, “We welcome the cooperation agreement with Pryor Cashman. We look forward to working actively with Pryor Cashman in furthering international cooperation to promote economic and social development.”
Li Jinlu, Executive Vice-Mayor of Shijiazhuang stated, “We look forward to a long and productive relationship with Pryor Cashman. The Seminar, which was held on December 2nd at the New York offices of Pryor Cashman with our Shijiazhuang Municipal Government Delegation and leaders of the U.S. business community, was an important step in promoting economic development and cooperation.
Ronald Shechtman, Pryor Cashman’s Managing Partner, noted that “[t]he entering into of the MOUs with the ICC-NDRC and the Shijiazhuang Municipal Government represents an important milestone for Pryor Cashman. We look forward to an active collaboration as we continue to build further our China Practice.”
Located 270 kilometers South of Beijing, Shijiazhuang is the capital of Hebei Province, which surrounds Beijing and covers a total of 187,700 square kilometers, with a population of over 70 million people. Situated in the Western part of the Province, Shijiazhuang, as its capital, is the economic center of the Province and a major industrial city in North China. It is an important pharmaceutical and textile center and manufacturing center for LED and other electronic components. Other key sectors include machinery and chemicals, building materials, light industry and electronics, as well as abundant agricultural resources.
About International Cooperation Center of the National Development and Reform Commission of the People’s Republic of China (NDRC)
The mission of International Cooperation Center of National Development and Reform Commission, P.R.C. (“ICC-NDRC”) is to implement international cooperation with international organizations, enterprises, foreign governments and institutions, and conduct cooperation with local Chinese governments by introducing international resources of ICC-NDRC into China to promote economic and social development.
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