FUSANG CORPORATION DEFERS INITIAL PUBLIC OFFERING AMID ESCALATING GLOBAL UNCERTAINTIES
Fusang Corporation, the owner and operator of Fusang Exchange, Asia’s only fully regulated digital securities exchange believes the interests of investors and market development will be better served under improved global market conditions.
Hong Kong/Malaysia, 23 March 2022 — Fusang Corporation, the owner of Asia’s only fully regulated end-to-end digital securities exchange, announced today that it will defer the InitialPublic Offering of its FSC security token, which had slated to list on Fusang Exchange on 31March, due to escalating global uncertainties and exceptional market volatility.
The CEO of Fusang, Henry Chong said, “Operationally we are ready to list, and we have full commitment from our investors for the USD10million offering, but we have decided to defer our listing in order to best serve the interests of our investors and the development of our market.”
He added that the decision to defer was not taken lightly a week away from the listing date, especially as all systems and processes are already in place but pointed out that uncertainty caused by the conflict in Ukraine had led to exceptional market volatility since Fusang’s IPO was launched, causing numerous IPOs around the world to be postponed.
“It is our responsibility to subscribers and existing shareholders to ensure that market conditions are optimal for listing,” added Chong. “Unfortunately, that is clearly not the case atpresent, and we cannot in good conscience expose our stakeholders to this level of volatility,”
Chong added that Fusang Exchange continues to work with ecosystem partners and issuer pipeline, to ensure that companies looking to tokenise their assets are able to do so once market conditions improve. Trading activities on Fusang Exchange itself, remains uninterrupted.
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Fusang is Asia’s first fully licensed and regulated digital financial ecosystem for security tokens and assets. Our unique combination of regulatory licences, technology, and services allows us to provide an end-to-end platform to issue, tokenise, list, and trade all forms of securities, assets and cryptocurrencies.
Licensed in two jurisdictions (Hong Kong and Labuan, Malaysia), Fusang operates a fully licensed and regulated digital ecosystem which includes Fusang Exchange, Asia’s first regulated stock exchange for security tokens.
Fusang Exchange is licensed to be a public listing venue for initial public offerings and acts as its market front line regulator. Institutional and retail investors can directly invest in products on the Exchange without brokers or other intermediary firms. Team Fusang, located across five Asian cities, shares a vision of making it as easy to invest into a company as it is to buy its products online. Join us on this journey at www.fusang.co