Volatile market delays China Telecom share sale

10 May 2004

Fixed line telecoms service provider China Telecom is said to be planning to defer the placement of shares worth an estimated HKD18.7 billion (USD2.4 billion) due to the volatile stock market, according to sources familiar with the deal. Shares in the company – China’s largest fixed line operator – dropped by 6.19% to HKD2.2275 amid a broad market sell-off on Monday.