Breaking: China Construction Bank Withdraws Proposal for Listing $3Billion Blockchain Bond

By Prashant Jha
Published November 23, 2020 Updated November 23, 2020
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Breaking: China Construction Bank Withdraws Proposal for Listing $3Billion Blockchain Bond

By Prashant Jha
Published November 23, 2020 Updated November 23, 2020

China Construction Bank which made headlines a couple of weeks ago after it announced its plan to list $3 billion in blockchain bonds has now withdrawn its proposal after initial listing delays. Malaysian cryptocurrency exchange Fusang was selected as the issuer of the ERC-20 blockchain bonds, who revealed that the issuer has requested to withdraw the listings. The  news was forwarded to Fusang exchange by China Construction Bank’s Labuan subsidary on November 20.

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The blockchain bond was being issued in association with the digital bond issuance platform Longbond Ltd, the platform was supposed to collect the proceeds and transfer it to the Labuan branch of the Chinese banking giant. The widely talked about blockchain bond was supposed to start trading on the Malaysian exchange starting from November 13th, however on the day of trade the exchange notified that the listing has been delayed after the issuer’s request.

Fusang exchange in its official release revealed that after the first delay on the day of trading, the exchange formally wrote to the bank asking the reason for the delay and a revised timeline for the launch on November 16. On 20th November the listing sponsor revealed that they are no longer want to proceed with the listing.

Henry Chong, Chief Executive Officer of the Exchange said that even though they are disappointed with the suspension of listing, they look forward to work with Chiense banking giant in future. He said,

“While we are disappointed that this Listing has been suspended, there were no legal, regulatory, operational, or technical issues with the FUSANG platform or the IPO process and filing. The overwhelming investor interest and demand for this landmark USD 3 billion program has been a fantastic validation of the digital issuance and listing process that we have created, and it is unfortunate that the Listing Sponsor has decided that they are unable to proceed with this Listing.”

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About Author
Prashant Jha
991 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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