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June 17, 1997updated 05 Sep 2016 12:39pm

GOLDMAN SACHS TO MANAGE CHINA TELECOM (HONG KONG) IPO

By CBR Staff Writer

China Telecom (Hong Kong) has gone to Goldman Sachs & Co and China International Capital Corp to handle its initial public offering, the largest ever for a so-called red chip company in Hong Kong. China Telecom acquired 5.5% of Hong Kong Telecommunications Ltd from Cable and Wireless Plc a few weeks ago, and has 62 million telephone subscribers, including 6.85 million mobile subscribers. Tax revenues paid to the Chinese state last year from the company exceeded $12bn, according to Dow Jones.

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