Two Chinese banks give up listing in New York

25 Jan, 2005

Bank of China and China Construction Bank, two of the country's four largest lenders, have given up plans to list in New York as they cannot meet US corporate governance requirements, state media said Monday. The two banks, both entangled in large-scale fraud cases, will instead focus their efforts on initial public offerings in Hong Kong, the Economic Observer reported.
The two, which originally planned dual listings in the second half of this year to raise up to 10 billion dollars, found US regulations too burdensome, the newspaper said, citing a source close to the New York Stock Exchange (NYSE).
It said NYSE rules and US securities law require chief executive officers and chief financial officers in listed companies to be liable for the accuracy of their firms' financial reports.

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