At the end of last year, the US Nasdaq stock market announced the delisting of China Mobile, China Telecom and China Unicom. Since then, the three major operators have begun to return to a shares. At present, Unicom has been listed in a shares. China Telecom applied in March, and now it is determined to attend the meeting on July 22. It is expected to raise 54.4 billion yuan.
This is an important progress after China Telecom announced its intention to return to A-share listing on March 9 this year. According to the plan of China Telecom, the company plans to be listed on the main board of Shanghai Stock Exchange, and the number of A-shares to be publicly issued will not exceed 12.093 billion (that is, not more than 13% of the total issued share capital of the company after the issuance and before the exercise of the over allotment option).
For the reasons and purposes of this return to a shares, China Telecom said: first, seize the digital development opportunity and promote the implementation of the cloud to digital strategy; Second, broaden financing channels and enhance the ability of sustainable development; Third, improve corporate governance and enhance comprehensive competitive strength.
According to the prospectus, China Telecom plans to issue no more than 12.093 billion a shares (before the exercise of the over allotment option), and plans to raise 54.4 billion yuan to invest in 5g industrial Internet construction projects, cloud network integration new information infrastructure projects, and scientific and technological innovation and R & D projects.
If China Telecom’s A-share IPO application is approved on July 22 and successfully issued in the A-share market, China Telecom will be listed in both a and H.