HONG KONG (Reuters) – A $ 3 billion bond organized by a unit of China Construction Bank Corp (CCB) using blockchain technology, for listing on a Malaysian cryptocurrency-centric exchange, has been withdrawn at the request of the issuer, the exchange said.
The bond was to be issued by Longbond Ltd, a special purpose vehicle created exclusively to issue digital bonds and deposit the proceeds at CCB’s branch in Labuan, a Malaysian offshore financial center.
CCB Labuan was the lead arranger and sponsor of the bond’s listing, which was to be tradable on the FUSANG exchange, a Labuan-based trading platform focused on digital assets including cryptocurrency such as Bitcoin.
On Monday, FUSANG said that on November 13, the day the stock was to be traded, it had received a letter from CCB Labuan on behalf of Longbond postponed the listing and was informed by CCB Labuan on November 20 that the issue would not continue.
The bank did not provide a reason for the suspension, FUSANG Chief Executive Henry Chong said.
A representative of the BCC in Beijing declined to comment.
Earlier this month, following media reports on the bond, the bank said CCB Labuan was not the issuer of the bond and that the branch did not accept Bitcoin.
Alun John reporting; Editing by Christopher Cushing