China Telecom Corp jumps 34% in biggest listing of 2021; raises $7.3 bn

China Telecom Corp surged 34 per cent on its Shanghai debut on Friday, defying a bearish market after raising $7.3 billion in the world's biggest stock listing so far this year.

Shares of the Chinese telecom giant, which is blacklisted by the US government, opened 5.7 per cent higher and rose as much as the bourse's 44 per cent limit on new shares before giving up some gains.

The stock ended the session at 6.11 yuan, up from an offer price of 4.53 yuan, in a surge that was conspicuous in a weak market that saw China's blue-chip index shed nearly 2 per cent.