Summary by Moomoo AI
China Telecom (China Telecommunications Corporation) will list some of its restricted shares for the first time on August 20, 2024. The total number of these restricted shares is 662,250,000, involving five shareholders, including Huawei Technologies Co., Ltd. and Oriental Pearl New Media Co., Ltd., accounting for 0.72% of the total share capital of the company. The lock-up period for these shares is 36 months, calculated from August 20, 2018. The joint sponsors, China International Capital Corporation Limited and CITIC Securities Co., Ltd., have conducted a careful review of the listing of these restricted shares and confirmed that the relevant shareholders have strictly fulfilled their commitments. In addition, the controlling shareholder of the company, China Telecommunications Group Co., Ltd., has voluntarily extended the lock-up period for its shareholding by 6 months, because the closing price of its stock was lower than the issue price of the first public offering within 6 months after the listing.
