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CHINA TELECOM CORPORATION LIMITED

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China Mobile eyes $6 billion Shanghai listing after flagging NYSE exit

05/17/2021 | 11:10am EDT
A security guard uses mobile phone in front of China Mobile store in Guangzhou

(Reuters) - China Mobile has approved plans for a potential HK$47.08 billion ($6.06 billion) listing in Shanghai, weeks after the telecom firm said it would be delisted by the New York Stock Exchange in line with U.S. investment restrictions dating to 2020.

The mainland's largest wireless carrier said on Monday it plans to sell no more than 964.8 million shares, or 4.5% of its total issued shares, publicly on the Shanghai Stock Exchange at an undisclosed price.

Shares of the company closed at HK$48.8 on Monday.

China Mobile, China Telecom and China Unicom said earlier this month they expect the NYSE to notify regulators of their delistings after an unsuccessful appeal by the companies to revert the move.

The delistings stem from a Trump-era decision to restrict investment in Chinese technology firms, which has been left unchanged by the Biden administration amid continuing tensions between Washington and Beijing.

In March, China Telecom announced its plans to raise roughly $4.1 billion by selling up to 12.09 billion shares on the Shanghai Stock Exchange.

China Mobile said it aims to use the proceeds from the offering to develop its premium 5G networks and infrastructure for cloud resources, among others.

It may also expand its offering by 15% by exercising an over-allotment "greenshoe" option, it said in a statement.

($1 = 7.7670 Hong Kong dollars)

(Reporting by Sameer Manekar in Bengaluru; Editing by Ramakrishnan M.)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA MOBILE LIMITED -0.83% 47.85 End-of-day quote.8.26%
CHINA TELECOM CORPORATION LIMITED 1.61% 3.16 End-of-day quote.46.98%
CHINA UNICOM (HONG KONG) LIMITED 0.00% 4.2 End-of-day quote.-5.62%
SHANGHAI A INDEX -0.42% 3560.7387 Real-time Quote.-2.19%
SHANGHAI STOCK EXCHANGE B SHARES INDEX -0.82% 254.0416 Real-time Quote.4.34%
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Financials
Sales 2021 419 B 64 803 M 64 803 M
Net income 2021 23 861 M 3 693 M 3 693 M
Net Debt 2021 25 044 M 3 876 M 3 876 M
P/E ratio 2021 9,34x
Yield 2021 5,81%
Capitalization 213 B 32 905 M 32 906 M
EV / Sales 2021 0,57x
EV / Sales 2022 0,51x
Nbr of Employees 277 809
Free-Float 17,1%
Chart CHINA TELECOM CORPORATION LIMITED
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China Telecom Corporation Limited Technical Analysis Chart | 728 | CNE1000002V2 | MarketScreener
Technical analysis trends CHINA TELECOM CORPORATION LIMITED
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 24
Last Close Price 2,63 CNY
Average target price 3,35 CNY
Spread / Average Target 27,7%
EPS Revisions
Managers and Directors
Rui Wen Ke Chairman & Chief Executive Officer
Zheng Mao Li President, COO & Executive Director
Min Zhu CFO, Secretary, Executive Director & Executive VP
Yi Xun Sui Chairman-Supervisory Board
Er Ming Xu Independent Non-Executive Director
Sector and Competitors