China Telecom Corporation Limited (CHA)
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China "resolutely opposes" Washington's revocation of China Telecom Corp Inc's licence to operate in the United States, the information ministry said on Wednesday, urging a reversal of the move.
The Federal Communications Commission has revoked the license that allows China's largest telecom operator to do business in the U.S., citing national security concerns, dealing the latest in a series of blows against major Chinese businesses in the country.
The Federal Communications Commission cites "potential security threats."
FCC cites "potential security threats"
The United States on Tuesday banned China Telecom from operating in the country citing "significant" national security concerns, further straining already tense relations between the superpowers.
The U.S. Federal Communications Commission (FCC) on Tuesday voted to revoke China Telecom's U.S. subsidiary's authorization to operate in the United States, citing national security concerns.
Shares in China Telecom surged nearly 20 percent in their Shanghai debut Friday after the world's biggest public offering of the year, coming after the company was delisted in the United States amid China-US tensions.
China Telecom Corp, blacklisted by the U.S. government, surged on its first day of trade on Friday, defying a bearish market and following its $7.3 billion fundraising via public offering, the world's biggest in 2021.
China Telecom could raise more than $8 billion in a Shanghai initial public offering that would be the biggest this year, months after it was delisted in the United States amid Washington's stand-off with Beijing.
Jul.22 -- China Telecom Corp. has received regulatory approval for a primary share sale in Shanghai that is set to be the world's biggest so far in 2021. This comes half a year after the company was booted off the New York Stock Exchange.