China Telecom could price its Shanghai shares at a 'lofty premium' to the Hong Kong stock, Bloomberg Intelligence analysts led by Anthea Lai say. China Telecom proposed to issue 12 billion shares, according to a Tuesday statement to the Hong Kong stock exchange. The second listing will help China Telecom tap diversified financing channels in both domestic and overseas capital markets, said the statement. China Telecom could price its Shanghai shares at a “lofty premium” to the Hong Kong stock, Bloomberg Intelligence analysts led by Anthea Lai said in a note. China Telecom will use the listing proceeds to construct a 5G industrial Internet project and boost its cloud network, according to the statement.

Source: The Standard March 10, 2021 03:45 UTC