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China Construction Bank (CCB) has never filed an application for listing in the United States so far, and its option for Hong Kong listing has nothing to do with whether it meets the regulatory requirements of other regions, said a CCB official.
Pang Xiusheng, director of CCB's Office of Reorganization and Joint Stock Transformation made the remark as a response to the recent comment of US Securities and Exchange Commission (SEC) chairman on CCB's overseas listing issue.
Pang said the reorganization, joint stock transformation and listing of CCB is conducted strictly in accordance with related domestic and foreign laws and regulations and international practices as well.
Recently, SEC chairman Cox was cited by some media as saying that CCB doesn't choose to go public in the United States because it fails to meet the listing qualifications and regulatory requirements of the United States.
If the report is true, Coxs speech is groundless, and as an official in charge of U.S. securities and exchange regulatory organ, his speech is obviously improper and also extremely irresponsible, said Pang.
Pang pointed out that to get listed in Hong Kong has satisfied CCB's demand for issuing shares around the globe, and current listing rules of Hong Kong is appropriate, both favorable to listing companies and capable of protecting investors interest.
According to Pang, CCB's financial report is made strictly according toIFRSand it has been audited by independent auditor.
CCB is full of confidence about releasing all information accurately, said the official.
(Agencies)
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Updated: 2005-10-20 12:36
