China Telecom (Hong Kong) - the mainland's dominant mobile-phone operator - has reported that its subscriber-base surged by 59 per cent to 14.5 million last month.
China Telecom's share price rose yesterday to HK$32.80, after reaching a historic high HK$33.80.
Its share price has surged 30 per cent since its share placement on October 28 on expectations of strong organic growth.
China Telecom chairman Wang Xiaochu said the subscriber base of all the six networks recorded a total of 14.5 million at the end of last month.
As of the end of last year, China Telecom had 9.1 million subscribers.
The company raised US$2.6 billion last month through a combination of bond and share offerings to finance part of its US$6.4 billion acquisition plan.
It announced early last month that it would acquire three mobile networks in Fujian, Henan and Hainan provinces from its parent company - China Telecom (Hong Kong) Group.