China Telecom Receives Warm Response in Relaunching IPO

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Last updated at: (Beijing Time) Tuesday, November 12, 2002

China Telecom Receives Warm Response in Relaunching IPO

China Telecom has received three times subscription in a Hong Kong public offer at its second attempt despite poor performance of Telecom shares in the market.

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China Telecom has received three times subscription in a Hong Kong public offer at its second attempt despite poor performance of Telecom shares in the market.

Hong Kong's leading English newspaper South China Morning Post Tuesday quoted market sources as saying that more than 12,000 retail investors had sought about 1.3 billion shares when the offer closed Monday.

China Telecom, the dominant fixed-line carrier in the Chinese mainland, relaunched its global offering after cutting back its size by 55 percent following a weak response from international investors.

It reduced the number of shares for sale from 16.8 billion to 7.556 billion. The tranche allocated for Hong Kong investors accounts for 5 percent of the total global offering. The price will be set at 1.48 HK dollars (19 US cents) per share.

The relaunched IPO, however, found retail investors were demanding about 47 percent shares more than they wanted in the previous sale.

The international offering closed last Tuesday and was said to be about 1.25 times covered.

China Telecom shares will begin trading in New York Thursday and in Hong Kong Friday.

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