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Blacklisted by Washington, China Mobile plans Shanghai listing
- Thursday | 11th March, 2021
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. 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 US President Donald Trump banned US investment in companies with alleged military backing. A Shanghai listing can help the company “broaden sources of funds, enhance capital strengths and improve risk tolerance,” China Telecom said on Tuesday.
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