The China Securities Regulatory Commission (CSRC) approved a listing by China Telecom on the main board of the Shanghai Stock Exchange six months after the company was delisted from the New York Stock Exchange (NYSE).
Bloomberg reported a plan by the operator to raise CNY54.4 billion ($8.4 billion) would make the listing the world’s largest in 2021.
The NYSE halted trading the securities of China Telecom along with those of rivals China Mobile and China Unicon in early January to comply with an executive order issued by former US President Donald Trump. The exchange later rejected the trio’s appeal of the decision.
CSRC criticised the move as being politically motivated.
In March, China Telecom and China Mobile revealed they were considering a listing on a mainland exchange.
Increasing tension between China and the US, along with restrictions on access to the latter’s capital markets, have spurred many Chinese tech companies to seek mainland or Hong Kong listings.Subscribe to our daily newsletter Back