China Construction Bank withdraws $3bn blockchain bond issue

The Labuan branch of China Construction Bank has scrapped plans to raise up to $3 billion via blockchain bonds. This was reported by the cryptocurrency exchange Fusang, on which the securities were to be listed.

China Construction Bank Corporation Labuan Branch, the Listing Sponsor of Longbond Ltd., and its planned issuance and listing of its Longbond SR Notes USD Feb 2021 has notified the FUSANG Exchange that the Issuer has decided to withdraw its Listing.

View https://t.co/P7Vuku8VSO

— FUSANG (@TeamFusang) November 23, 2020

The exchange was informed on November 20 that China Construction Bank had abandoned its initial plans.

Fusang has already begun returning funds to investors. The reason why sponsor and issuer Longbond Ltd suddenly changed course has not been explained.

Earlier in November became known that China Construction Bank, in cooperation with Fusang, would issue debt securities worth $3 billion on the blockchain.

In mid-November Fusang announced that the listing had been postponed.

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