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China Telecom Appoints Heavyweight Underwriters for Its IPO
Merrill Lynch and Morgan Stanley Dean Witter & Co have won the coveted role of underwriting China Telecom's July 2001 overseas listing plan.
Although the downturn in global telecom stocks may cut the offering size from an initial projected US$10 billion to closer to US$5 billion, it would still represent one of Asia's largest-ever IPOs, and a crucial element in Beijing's strategy to get its telecom sector ready to face foreign competition when the country joins the World Trade Organization.
The two US investment banks will jointly and equally underwrite the offering with China International Capital Corp, the Beijing-based investment bank which is a joint venture between Morgan Stanley and China Construction Bank.
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