China Telecom completes big-money Shanghai float - Mobile World Live

China Telecom completes big-money Shanghai float

20 AUG 2021

Shares in China Telecom began public trading on the Shanghai Stock Exchange, after the company raised CNY47.1 billion ($7.2 billion) from the initial sale.

In a stock market filing the company confirmed it had raised the sum without the optional over-allotment.

The move completes a process kicked-off in the wake of China Telecom and its peers delisting shares traded in the US, following a regulatory crackdown on companies deemed to be owned or controlled by China.

China Telecom is the first of China’s three major operators to raise cash from a secondary listing following the US’ actions, though its domestic rivals also have similar plans in progress.

All three have their primary listings in Hong Kong.

Earlier this week China Mobile outlined its plan to raise CNY56 billion to fund 5G and other network investments with a listing in Shanghai, while China Unicom revealed it was mulling floating a stake in its smart internet technology unit on an undisclosed domestic exchange.

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Chris Donkin

Chris joined the Mobile World Live team in November 2016 having previously worked at a number of UK media outlets including Trinity Mirror, The Press Association and UK telecoms publication Mobile News. After spending 10 years in journalism, he moved...

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