China Telecom given green light for Shanghai listing

26 Jul 2021

Plans for Chinese full-service provider China Telecom to list on the Shanghai Stock Exchange (SSE) have been approved by the China Securities Regulatory Commission (CSRC). The operator had announced its intention to stage an offering on the bourse in March this year following the delisting of its American Depositary Shares (ADSs) from the New York Stock Exchange (NYSE) in January, 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 Telecom is planning to sell 12.09 billion shares, potentially raising around CNY54.4 billion (USD8.4 billion), which it will use to finance its 5G ‘Industrial Internet Construction’ project and cloud-network integration as well as research and development of ‘sci-tech innovation’.

China, China Telecom Corporation