China Telecom planning USD4bn listing in Shanghai

11 Mar 2021

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 USD4.1 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’. As previously reported by TeleGeography’s CommsUpdate, 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.

China, China Telecom Corporation