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.