China Telecom's IPO to debut on Shanghai Stock Exchange

Aug 19, 2021 (China Knowledge) - China Telecom (601728) to start trading on the Shanghai Stock Exchange's Main Board Aug 20, tomorrow. The firm has issued 11955.56 mln shares priced at RMB 4.53 per share raising RMB 54.16 bln. Its price-to-earnings ratio (PE) stands at 20.18. During subscription the IPO was 105 times oversubscribed. China International Capital Corporation (CICC), China Securities, China Merchants Securities, CITIC Securities, BOC International (China), Huatai United Securities acted as the lead underwriter, and China International Capital Corporation (CICC), China Securities served as the sponsor for the IPO. China Telecom offers wireline telecom services. The Company provides internet access, mobile communications connecting, and other services. China Telecom also offers information consulting services. In FY 2020, China Telecom garnered a total revenue of RMB 389.94 bln, up 5% YoY. In terms of net income, it achieved RMB 21.09 bln, rising 2% YoY. In H1 2021, the company reported revenue of RMB 217.55 bln, a YoY increase of 13%, and its net profits reached RMB 17.87 bln, up 27% YoY.