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After being cut off from the New York Stock Exchange (NYSE) earlier in the year, the operator’s listing in Shanghai could be the world’s largest in 2021
Back in May, following an executive order from president Donald Trump banning US investment in Chinese firms with perceived ties to the Chinese military, China Telecom was among a raft of companies that were delisted from the NYSE.
The decision was clearly problematic for the NYSE, who reversed their decision several times before finally settling on delisting the company. Legal challenges to the decision were dismissed in May.
Now, China Telecom has announced its intentions to be listed in Shanghai, aiming to raise around $7.2 billion.
This would be the largest listing of the year to date, exceeding the current largest float of $6.3 billion by TikTok rival Kuaishou Technology back in February.
For China Telecom, the proceeds from the initial public offering will reportedly be used for a 5G industrial internet construction plan, as well as developments in integrating the cloud and additional research and development.
The move comes at a time when the Chinese government is cracking down on companies that are listing abroad, as China–US tensions show no sign of subsiding.
Rival telco China Mobile, also delisted from NYSE, is reportedly also seeking to list its shares in Shanghai.
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