China Telecom could raise more than US$8bil in a Shanghai initial public offering that would be the biggest this year, months after it was delisted in the United States amid Washington's stand-off with Beijing.
However, if an over-allotment option was exercised that would jump to 54bil yuan , Bloomberg News said. The order banned investments by Americans into a range of companies deemed to be supplying or supporting China's military and security apparatus. Many of China's biggest tech and telecom firms listed their shares on the more developed US stock markets in the 2000s as they sought access to funding, but the tide has been turning.
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