China Telecom set for 2021's biggest share sale after US ban

Half a year after being booted off the New York Stock Exchange, China Telecom has received regulatory approval for a primary share sale in Shanghai that is set to be the world’s biggest so far in 2021.

The plan to raise 54.4 billion yuan ($8.4 billion) on the mainland comes as rising tensions with the US drive Chinese firms back to their local equity markets.  “Chinese companies coming home will be a trend given the current political tensions between US and China and tightened regulatory rules,” said Dickie Wong, executive director of research at Kingston Securities. 

“High-growth companies are left with no