China Construction Bank cancels US$3 billion bond in Labuan

Fusang, a digital asset exchange, announced that China Construction Bank (CCB) has requested to cancel the US$3 billion bond on Longbond Ltd by CCB Labuan.

Reportedly, Fusang received a letter from CCB Labuan on behalf of Longbond on the original date of issuance (Nov 13) to postpone the listing for a certain time period, but on Nov 20 CCB Labuan confirmed the cancellation.

“The bank did not give a reason for the suspension, we are disappointed that this Listing has been suspended, there were no legal, regulatory, operational, or technical issues with the Fusang platform or the Initial Public Offering (IPO) process or filing,” Henry Chong, Chief Executive Officer of Fusang said.

Fusang mentioned that the bank approached the exchange to work on the idea of digital bonds and helped in many legal and regulatory requirements, but the recent cancellation proved to be a setback for the investors. 

Despite the recent suspension, Fusang aims to collaborate with CCB in the future for possible options related to bond issuance in currencies other than the USD.

Earlier this month, CCB Malaysia stated that China wants to build and is also ready to fund during a virtual event by Bank Pembangunan Malaysia Berhad (BPMB).

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