A high-tech manufacturing company has signed a memorandum of understanding to relocate its headquarters to Vancouver, in addition to committing to invest $1 million in a research-and-development facility that could create as many as 100 jobs.

Zhiye Photoelectric Precision Technology — based in Nanjing, China — signed the MOU with HQ Vancouver on Jan. 28. Officials say Zhiye is the fourth company aided by HQ Vancouver in order to set up regional/global headquarters in the Lower Mainland.

HQ Vancouver — a joint initiative by Ottawa, the province and the B.C. Business Council — was established last February to attract expanding Asian companies to relocate corporate operations to the city. The original goal was to draw two new head offices to Vancouver by 2017 and another three commitments by 2019.

“We are very encouraged by this agreement,” said HQ Vancouver president Yuen Pao Woo. “But there’s a lot more work to be done. There are more companies in the pipeline, but we also believe there are other companies that could be in the pipeline …. We hope news like this will encourage a new wave of foreign businesses transitioning their local operations into long-term investments.”

Zhiye, which produces photo-etching technology and products, has a small sales office in Vancouver. Officials said they found Vancouver to be conducive to advanced manufacturing, adding that the planned headquarters and R&D facility will initially create 10 jobs, but can increase to 100 new positions as the company hits the estimated $4 million to $5 million in annual production.

Woo said the principals in the company found a dearth of similar companies in Canada and the United States, which indicated a market niche in which Zhiye could thrive. He added that Zhiye’s principals have lived in Vancouver for a decade and felt it was only natural that they move their business, provided the numbers made sense.

“We should expect more cases like these in the future,” Woo said, noting the large Chinese-Canadian immigrant community has the potential of moving some of their businesses to Vancouver as they become more comfortable in their new homes. “It’s a natural evolution of family interests aligning with corporate interests. As long as we are welcoming as a community, this natural evolution will continue to happen.”

To date, three other companies have also set up or committed to setting up headquarters in Vancouver. They include the Poly Culture Group, China’s largest art and cultural company, which said in November it plans to base its North American operations in B.C., from which the company will pursue the theatre management, art auction and cinema investment industries.

chchiang@vancouversun.com