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China Telecom Contemplates Secondary Shanghai Listing Post NYSE Debacle: Bloomberg

  • China Telecom Corp Ltd (OTC: CHJHF) is contemplating a new listing in Shanghai to seek financing months after its NYSE delisting under an executive order from former U.S. President Donald Trump, Bloomberg reports.
  • The state-owned wireless carrier plans to issue 12 billion shares on the mainland China bourse. No disclosure was made regarding share pricing.
  • The second listing will enable China Telecom to tap diversified financing channels in domestic and overseas capital markets.
  • The domestic hinge is possibly aimed at counteracting the impact of the U.S. delisting along with two other major Chinese telecommunications firms in January, a decision that the firms are appealing.
  • The U.S. sought to cut economic links with China, including denying Chinese firms access to American capital, as part of the trade war under the Trump Presidency.
  • China Telecom will utilize the offering proceeds to construct a 5G industrial Internet project and boost its cloud network. The wireless operator reported a net income of $3.2 billion (¥20.9 billion) for 2020, missing analyst estimates. Operating revenue rose 4.7% to a better-than-expected ¥393.6 billion.
  • The Shanghai listing plan is subject to approval by the Chinese Securities Regulatory Commission.
  • Price action: CHJHF shares closed at $0.21 on Monday.

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