The chairman of China Construction Bank, Guo Shuqing, has said publicly that the bank has not held talks with Bear Stearns over a possible stake. Speaking on the sidelines of the Boao Forum for Asia on Hainan island, Guo stressed that CCB had not been in negotiations with the US investment bank over a convertible bonds purchase or any other kind of acquisition. It has been claimed in the US that CCB has taken part in preliminary talks over a 20% stake that could cost up to US$4 billion. As the first such deal involving a Chinese state-owned company, a CCB investment would no doubt prove controversial.