20 August 2021

King & Wood Mallesons advises China Telecom on its A-Share IPO, the largest in a decade

On 20 August 2021, China Telecom Corporation Limited (China Telecom, stock code 601728) was successfully listed on the main board of Shanghai Stock Exchange. China Telecom issued 10,396,135,267 shares, raising a total of about RMB 47.094 billion. If the over-allotment options are fully exercised, the figure would reach 11,955,555,267 and the total funds raised would reach about RMB 54.159 billion. This IPO has set many market records: the largest A-share IPO in the past 10 years, the largest telecoms IPO in the world in the past 20 years, and the fifth largest IPO in the history of the A-share market.

China Telecom is a large-scale and leading integrated intelligent information services operator in the world, dedicated to providing flexible, diversified, convenient, high-quality, safe and reliable comprehensive intelligent information services for customers (To C), households (To H) and businesses/governments (To B/G).

In this project, King & Wood Mallesons, as the counsel to the sponsor China International Capital Corporation Limited (CICC), advised CICC throughout the listing process. The KWM team was trusted and highly valued by all parties involved in the project for its efficient, high-quality and professional legal services.

This project was led by partner Li Yuanyuan and counsel Cong Qunji, with support from Chen Dongxu, Li Yuanyuan, Cao Chao, and other team members.

“Congratulations on China Telecom’s successful return to the A-share market. KWM is honored to be part of this milestone project,” said Su Zheng, lead partner of the management team of KWM’s Finance & Securities Group. China Telecom’s A-share listing will help the company take advantage of the digital economic and social development to push forward its ‘Cloudification and Digital Transformation’ strategy, expand financing channels and enhance sustainable development capability. With rich capital markets experience and a global legal service network, KWM has continuously provided high-quality legal services for H-share central SOEs to return to the A-share market.”

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