A sign of China Telecom is seen on a street, during the coronavirus disease (COVID-19) outbreak in Shanghai, China January 8, 2021. REUTERS/Aly Song – RC2H3L9F1C49
HONG KONG (Reuters Breakingviews) – Concise insights on global finance in the Covid-19 era.
TRIUMPHANT RETURN. China Telecom looks set to get a strong reception in Shanghai. On Tuesday the state-owned wireless carrier announced plans to sell up to 12 billion shares, equivalent to 13% of the enlarged capital, through a secondary listing on the city’s bourse – two months after being delisted in New York. Investors cheered the decision, sending its Hong Kong-listed shares up as much as 9.8% on Wednesday.
That may look understated once the telco giant goes live in Shanghai – the first of the Chinese companies blacklisted in the United States to seek to do so. The Beijing government can encourage other state entities to buy stock.
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