Eric M. Hellige

Pryor Cashman LLP is pleased to announce that on December 2, 2010 it signed a Memorandum of Understanding (MOU) with two government bodies in the People's Republic of China in order to establish a cooperation relationship to 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).  Under the MOU, Pryor Cashman LLP will cooperate and advise the ICC-NDRC and municipalities and private industries on the legal aspects and opportunities for accessing the capital markets in the United States, as well as the markets for goods and services in the U.S., and access to technological innovations through technology transfer and joint venture agreements. The NDRC is the top macroeconomic management agency under the Chinese State Council with broad administrative and planning control over the Chinese economy. Pryor Cashman LLP is the first law firm in the world which has signed a bilateral MOU with the ICC-NDRC to assist Chinese companies to access  the capital markets in the United States.

As an important step in implementing this MOU, Pryor Cashman LLP 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 (i.e. going public, funding, listing on national securities exchanges, corporate transactions - including M&A - and making investments in the United States) 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 LLP’s Eric M. Hellige, Head of Pryor Cashman’s Corporate and Securities Practice, will lead the firm’s joint involvement in this partnership, with additional support provided by Edward C. Normandin, Partner, and Elizabeth Fei Chen, Of Counsel.

"We are privileged and honored to be entering into a cooperation relationship with the ICC-NDRC as well as the Shijiazhuang Municipal Government.  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 to grow their market share 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.”

Mr. Zhang Xiaochong, Director- General of the ICC-NDRC stated, “We welcome the cooperation agreement with Pryor Cashman LLP. We look forward to working actively with Pryor Cashman in furthering international cooperation to promote economic and social development.”

Mr. Li Jinlu, Executive Vice-Mayor of Shijiazhuang Municipal Government stated, “We look forward to a long and productive relationship with Pryor Cashman. The Seminar which was held on December 2, 2010 at the New York office 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, Managing Partner of Pryor Cashman noted that “The 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. Hebei Province, which surrounds Beijing, 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 northern 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 resource

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.

About Pryor Cashman LLP  

Pryor Cashman LLP (www.pryorcashman.com) is an independent full-service law firm with over 120 attorneys in its main office at 7 Times Square in New York City and an office in Los Angeles. With broad and sophisticated transactional and litigation practices, Pryor Cashman LLP provides a wide range of services to meet the varying legal needs of businesses and individuals. The firm has well-established relationships with firms throughout the U.S. and the rest of the world to serve its national and international clients.