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Last updated at: (Beijing Time) Friday, July 26, 2002

China Telecom Planning Overseas Listing in October

Chinese fixed-line phone giant China Telecom plans to go ahead with a long-delayed overseas stock offering intended to raise up to US$3.5 billion, an industry source and news reports said Thursday.


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Chinese fixed-line phone giant China Telecom plans to go ahead with a long-delayed overseas stock offering intended to raise up to US$3.5 billion, an industry source and news reports said Thursday.

The listing plan will proceed soon, after a two-year delay, a Chinese telecommunications executive said on condition of anonymity.

The company plans to file documents with the Securities and Exchange Commission early next week in a first step toward clearing US regulatory hurdles, according to an Asian Wall Street Journal report carried Thursday by Dow Jones Newswires. The report cited investment banking sources who were not identified.

The amount expected to be raised in the long-anticipated listing, variously reported as planned for September or October, is about half what was originally expected, given recent plunges in the US and Hong Kong stock markets.

China Telecom executives in Beijing did not immediately comment on the reports.

China Telecom once was the sole provider of fixed-line phone service in China, but recently was split up in a restructuring that set up two competing corporations: China Netcom Group in the north, and China Telecom in the south.

China Telecom, the larger of the two with 120 million subscribers, drew up plans to list shares in 2000, but postponed them because of the industry reorganization.

China International Capital Corp., Morgan Stanley and Merrill Lynch are underwriting the offering.


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