FUSANG EXCHANGE ANNOUNCES LISTING SUSPENSION OF LONGBOND LTD’S DIGITAL BOND
LABUAN, MALAYSIA, 23 NOVEMBER 2020
China Construction Bank Corporation Labuan Branch, the Listing Sponsor of Longbond Ltd. (the “Issuer”), and its planned issuance and listing of its Longbond SR Notes USD Feb 2021 (the “Listing”), has notified the FUSANG Exchange (the “Exchange”) that the Issuer has decided to withdraw its Listing. The Exchange understands that the Listing Sponsor has likewise notified the Labuan Financial Services Authority (“LFSA”) of this suspension.
The Exchange has accepted this decision, and is announcing the suspension of the Listing with immediate effect. The Exchange shall ensure an orderly withdrawal of all related listing processes and procedures, and has initiated the return of all investors’ funds.
Henry Chong, Chief Executive Officer of the Exchange, 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.”
The Exchange looks forward to working with China Construction Bank Corporation Labuan Branch on future projects as Listing Sponsor and Exchange Member. This is the start of Crypto 2.0, and a validation of the incredible demand for the institutionalisation of digital assets, and the promotion of financial inclusion by allowing global investors to access investments previously reserved for only the largest investors, at low and transparent fees.
The Listing was originally scheduled to go live on the Exchange on Friday, 13 November 2020, 12PM Malaysia Time. Just before the listing time, written communication was received from the Listing Sponsor on behalf of the Issuer, requesting for the postponement of the Listing. On Monday, 16 November 2020, the Exchange formally wrote to the Listing Sponsor to ask for a reason as to the postponement, and to ask for an updated timeline for the Listing. The Listing Sponsor responded on Friday, 20 November 2020 that it had “decided not to proceed”. A copy of the Issuer Release can be viewed here.
About FUSANG Exchange
FUSANG Exchange Ltd is licensed in Labuan, Malaysia as a Securities Exchange under Part IX, Section 134 of the Labuan Financial Services and Securities Act (LFSSA). FUSANG Exchange is the first fully operational stock exchange in Asia that allows companies to go public through a digital IPO accessible by all investors across the world, be it institutional or retail. FUSANG supports the trading of both digital securities and cryptocurrencies.