“When money is hard to be made elsewhere, newly-listed China Telecom easily becomes the target for speculators,” said Li Runze, an analyst at Soochow Securities. The deal is the biggest A-share listing since PetroChina Co Ltd’s $8.9 billion Shanghai float in 2007, according to Refinitiv data. State-owned rival China Mobile has also applied to list in Shanghai, while a unit of China United Network Communications Group (China Unicom) was listed in 2002. The New York Stock Exchange delisted China Telecom, China Mobile Ltd and China Unicom Holdings from the bourse after the three firms were blacklisted under the former Trump administration in November last year. China United Network Communications Ltd < 600050.SS>, a unit of China United Network Communications Group, went public in Shanghai in 2002.
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