China Telecom has priced its offering of 11.96 billion new shares at CNY 4.53 per share, raising gross proceeds of CNY 54.18 billion. The offering is part of the company taking a second stock market listing on the Shanghai exchange.
The issue includes the over-allotment option and is equal to around 12 percent of the company's outstanding shares. The listing is part of a wider trend among Chinese companies to list their shares on domestic exchanges, in addition to Hong Kong, and withdraw from trading in New York.
