China Telecom finalised a plan for a multi-billion dollar listing of shares on the Shanghai stock exchange, a process commenced after its equities were removed from the New York market earlier this year.
In documents filed with the Hong Kong Stock Exchange, where it has its primary listing, the company confirmed shares would be priced at CNY4.53 ($0.70) each with between 10.4 billion and 11.98 billion set to be sold depending on if an over-allotment option is taken.
Should the maximum number be sold, the company would raise CNY54.2 billion. The listing will be alongside its current one in Hong Kong.
China Telecom’s move comes weeks after [1] it was given a green light for the sale from China’s market regulator.
Earlier this year, China Telecom was forced to remove shares [2] from the stock market in New York alongside peers China Unicom and China Mobile, following a decision by US authorities to ban domestic investors trading in equities of companies deemed a national security threat.
All three appealed the move but had their cases rejected.
A number of other Chinese companies were also targeted in what authorities in their home market slammed as a politically motivated move, though the China Securities Regulatory Commission played down the impact on the prospects of the businesses involved [3].
[1] https://www.mobileworldlive.com/asia/asia-news/china-telecom-receives-green-light-for-shanghai-listing
[2] https://www.mobileworldlive.com/asia/asia-news/china-operators-lose-nyse-delisting-appeal
[3] https://www.mobileworldlive.com/featured-content/home-banner/china-downplays-impact-of-nyse-operator-delistings
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