Boom debut for China Telecom on the Shanghai Stock Exchange

20 August 20213 years ago babelfish

Shares of China Telecom rose nearly 20% on their debut on the Shanghai Stock Exchange. All the details

Shares of China Telecom rose nearly 20% on their debut on the Shanghai Stock Exchange.

China's largest landline operator raised $ 7.3 billion with its IPO, the largest in 2021, surpassing the $ 5.4 billion raised in Hong Kong by TikTok rival Kuaishou Technology in February.

China Telecom's bid price was set at 4.53 yuan per share and initially dropped below that at Friday's opening, but quickly rose to close the morning at 5.39. yuan, a gain of 19%.

China Telecom chose to go public in Shanghai after the company was canceled from listing in the United States due to tensions between China and the US.

China Telecom was canceled from the New York Stock Exchange in January along with other state-owned telecommunications companies China Mobile and China Unicom following an executive order from former President Donald Trump.

The order banned American investments in a number of Chinese companies believed to supply or support China's military and security apparatus. China Mobile, the world's largest subscriber mobile operator, is also considering a second listing in Shanghai to complement its existing Hong Kong shares, while China Unicom Hong Kong said it is considering a mainland IPO for its technological arm.

The companies are looking for capital to fund China's continued push to build the largest 5G networks in the world. China Telecom said today on the Shanghai Stock Exchange it could raise an additional $ 1.1 billion if it exercised an over-allotment option.

This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/esordio-boom-per-china-telecom-alla-borsa-di-shanghai/ on Fri, 20 Aug 2021 07:08:24 +0000.