China Telecom Surges After Announcing Shanghai Second Listing
- Wireless carrier plans to issue as many as 12 million shares
- Listing may be “at a lofty premium” to Hong Kong shares: BI
Pedestrians walk past a China Telecom Corp. store in Shanghai.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China Telecom Corp. rose as much as 9.8% in Hong Kong on Wednesday to its highest in a year, after announcing a plan for a second listing in Shanghai as it seeks a fresh financing channel.
The plan comes months after the state-owned wireless carrier was pulled off the New York Stock Exchange under an executive order from former U.S. President Donald Trump, and has boosted investors’ confidence in China Telecom. The stock pared gains to 3.4% as of 10:11 a.m. in Hong Kong, while the Hang Seng Index was up 0.2%.