 "China Telecom set for 2021's biggest share sale after US ban")
Half a year after being booted off the New York Stock Exchange, China Telecom has received regulatory approval for a primary share sale in Shanghai that is set to be the world’s biggest so far in 2021.
The plan to raise 54.4 billion yuan ($8.4 billion) on the mainland comes as rising tensions with the US drive Chinese firms back to their local equity markets. “Chinese companies coming home will be a trend given the current political tensions between US and China and tightened regulatory rules,” said Dickie Wong, executive director of research at Kingston Securities.
“High-growth companies are left with no choice but to list in the mainland or Hong Kong,” said Steven Leung, executive director at UOB Kay Hian. This possible challenge for shares in Hong Kong could add to pressure on the Hang Seng Index, which has erased gains.
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