SHANGHAI, March 9 - Hong Kong-listed China TelecomCorp, the state-owned wireless carrier blacklisted byWashington, said on Tuesday it plans to sell shares in Shanghaito broaden its financing channels. China Telecom proposes to sell up to 12.09 billion sharespublicly on the Shanghai Stock Exchange, or 13% of the enlargedcapital base, according to an exchange filing. The company willraise roughly $4.1 billion based on its Hong Kong closing priceon Tuesday. China Telecom may also expand its offering by 15% byexercising an over-allotment "greenshoe" option. China Telecom, China Mobile and China Unicom are appealing adecision by the New York Stock Exchange to delist their AmericanDepositary Receipts (ADRs), after former U.S. President DonaldTrump banned U.S. investment in companies with alleged militarybacking. Index publishers MSCI, FTSE Russell and S&P Dow JonesIndices removed the three Chinese firms from their globalbenchmarks after they were put on the U.S. blacklist. A Shanghai listing can help the company "broaden sources offunds, enhance capital strengths and improve risk tolerance,"China Telecom said on Tuesday. Proceeds from the share sale, which needs shareholder andChinese regulatory approval, will be used to fund 5G projects,cloud-network infrastructure, research and innovation, thecompany said in the filing. REUTERS
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