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The initial public offering of China Telecom on the Hong Kong Stock Exchange has hit a regulatory problem and delays. The analysts of some of the companies which make up the Underwriting syndicate have apparently leaked information to the press, which, under HKSE guidelines published in May, is illegal. In a statement by the HKSE, Goldman Sachs and China International Capital Corp said they were co-operating to discover the source of the leak, and anyone involved would be excluded from the issue and face legal action. The issue is expected to raise $2bn, and will exclude Cable & Wireless Plc, which has been in negotiation with the China Ministry of Post and Telecommunications over control of Hong Kong Telecom Ltd.

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