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CHINA TELECOM CORPORATION LIMITED

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U.S.-blacklisted China Telecom plans estimated $4 billion Shanghai listing

03/09/2021 | 10:42am EDT
FILE PHOTO: The company logo of China Telecom is displayed at a news conference in Hong Kong

SHANGHAI (Reuters) - Hong Kong-listed China Telecom Corp, the state-owned wireless carrier blacklisted by Washington, said on Tuesday it plans to sell shares in Shanghai to broaden its financing channels.

China Telecom proposes to sell up to 12.09 billion shares publicly on the Shanghai Stock Exchange, or 13% of the enlarged capital base, according to an exchange filing. The company will raise roughly $4.1 billion based on its Hong Kong closing price on Tuesday.

China Telecom may also expand its offering by 15% by exercising an over-allotment "greenshoe" option.

China Telecom, China Mobile and China Unicom are appealing a decision by the New York Stock Exchange to delist their American Depositary Receipts (ADRs), after former U.S. President Donald Trump banned U.S. investment in companies with alleged military backing.

Index publishers MSCI, FTSE Russell and S&P Dow Jones Indices removed the three Chinese firms from their global benchmarks after they were put on the U.S. blacklist.

A Shanghai listing can help the company "broaden sources of funds, enhance capital strengths and improve risk tolerance," China Telecom said on Tuesday.

Proceeds from the share sale, which needs shareholder and Chinese regulatory approval, will be used to fund 5G projects, cloud-network infrastructure, research and innovation, the company said in the filing.

($1 = 7.7625 Hong Kong dollars)

(Reporting by Samuel Shen and Andrew Galbraith. Editing by Mark Potter)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA MOBILE LIMITED -1.95% 47.7 End-of-day quote.7.92%
CHINA TELECOM CORPORATION LIMITED -2.60% 2.62 End-of-day quote.21.86%
CHINA UNICOM (HONG KONG) LIMITED -0.98% 4.05 End-of-day quote.-8.99%
SHANGHAI A INDEX -1.34% 3780.4429 Real-time Quote.5.26%
SHANGHAI STOCK EXCHANGE B SHARES INDEX -0.72% 274.9603 Real-time Quote.13.76%
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Analyst Recommendations on CHINA TELECOM CORPORATION LIMITED
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Financials
Sales 2021 430 B 66 527 M 66 527 M
Net income 2021 25 498 M 3 949 M 3 949 M
Net Debt 2021 10 111 M 1 566 M 1 566 M
P/E ratio 2021 8,82x
Yield 2021 6,37%
Capitalization 459 B 59 007 M 71 132 M
EV / Sales 2021 1,09x
EV / Sales 2022 1,00x
Nbr of Employees 277 809
Free-Float 25,2%
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
Short TermMid-TermLong Term
TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 23
Last Close Price 2,62 CNY
Average target price 3,50 CNY
Spread / Average Target 33,6%
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