China Telecom Plans to Launch IPO in Hong Kong

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Last updated at: (Beijing Time) Sunday, October 13, 2002

China Telecom Plans to Launch IPO in Hong Kong

China Telecommunications Corp. is planning to make its initial public offering in Hong Kong this year, sources said Saturday.

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China Telecommunications Corp. is planning to make its initial public offering in Hong Kong this year, sources said Saturday.

China Telecom's planned IPO will be valued at between 3.19 billion US dollars and 3.68 billion US dollars, making it Hong Kong's largest public share offer this year, banking sources closeto the deal said.

Shares of the company will be sold for 1.48 HK dollars to 1.71 HK dollars (about 19 US cents to 21.9 US cents), the sources said.

The company will launches its investor road-show in Hong Kong on Tuesday with the final offer price expected on Oct. 30 or Oct. 31, and it will make its trading debut in Hong Kong and New York in the first week of November.

The market value of the company is expected to range from 123.68 billion HK dollars to 142.94 billion HK dollars (15.86 billion US dollars to 18.32 billion US dollars).

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