China Telecom dual listing to proceed despite leaks
The dual listing in Hong Kong and the United States of China Telecom (Hong Kong) will go ahead next month, despite threats by the stock exchange that it may not approve the flotation after confidential information was leaked.
Sources close to the underwriting syndicate said the mainland-backed firm would begin its international roadshow in Hong Kong on September 29, with a public offering on October 13.
China Telecom, which is expected to raise US$2 billion - Hong Kong's largest flotation - will issue shares accounting for 22.5 per cent of its enlarged share capital.
Strategic investors will hold 9.9 per cent of the company, with public investors owning the remaining 12.6 per cent.
The issue will comprise three tranches - Hong Kong and Asia, an international placement and the US offering.
China Telecom will hold mobile telephone assets from Guangdong and Zhejiang provinces.
