China Telecom planning US$4bn listing in Shanghai

摘要

Chinese full-service provider China Telecom has announced plans to sell up to 12.09 billion shares on the Shanghai Stock Exchange (SSE), equivalent to a stake of around 13% - although the company can opt to increase that figure to 15% - potentially raising around US$4.1 billion for the telco, Reuters writes.The move would help the company 'broaden sources of funds, enhance capital strengths and improve risk tolerance', the company stated in a filing, adding that the funds would be used to fuel its 5G 'Industrial Internet Construction' project and cloud-network integration as well as research and development of 'sci-tech innovation'. Telecom, along with China Mobile and China Unicom, were delisted from the New York Stock Exchange (NYSE) in January this year in line with a November 2020 executive order restricting American investment in entities that the US government considers to be linked to the Chinese military.