September 16, 2021

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Technology – China Telecom can raise more than seven billion euros through its initial public offering in Shanghai

Shanghai Financial Center Photo: AFP

After its Wall Street rollout, Chinese telecom giant China Telecom wants to carry out what may be the biggest initial public offering of the year in Shanghai.

After its Wall Street rollout, Chinese telecom giant China Telecom wants to carry out what may be the biggest initial public offering of the year in Shanghai. China Telecom is offering its shares for 4.53 yuan per share, bringing in 47.1 billion yuan, according to filings filed on Friday. Financial news agency Bloomberg reported that China Telecom may take the option of over-allocation and even take the equivalent of more than seven billion euros.

At the beginning of January, the New York Stock Exchange did not allow the three Chinese telecom companies, China Telecom, China Mobile and China Unicom, to continue trading on the exchange. The reason for this is the guidelines issued by the outgoing US administration under President Donald Trump, which prohibits investment in companies with ties to the Chinese military and security services.

China Telecom is the largest fixed line provider in the People’s Republic of China. The IPO is likely to be bigger than Tiktok Kuaishou’s biggest competitor in February. The video platform generated nearly 4.6 billion euros.

In the past few years, a large number of Chinese companies from the telecommunications and technology sectors have gone public in the United States in order to raise funds there. But we haven’t seen that in China for a long time either. The government is urging companies to trade their shares in Shanghai, Shenzhen or Hong Kong, and it wants to exercise more control in this way.

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