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To: foundation who wrote (90983)	12/30/2000 6:01:13 PM
From: Ibexx	Respond to of 152472

China Telecom Names Banks for Upcoming IPO 123Jump.com, 12/29/2000 7:21:00 AM New York, Dec 29, 2000 (123Jump via COMTEX) -- Morgan Stanley Dean Witter, Merrill Lynch and China International Capital Corp. have been chosen to manage the largest-ever IPO in Asia outside Japan - the initial share sale of China Telecommunications Corp. China's biggest phone company and dominant fixed-line carrier will sell 20% to 30% of the stock to large overseas investors in Hong Kong and New York next year, raising up to $10 billion in foreign capital. The deal will result in massive fees for its lead manager. But underwriters may have hard times pricing a telecom offering after global telecom stocks fell sharply in 2000. In the face of lower valuations for telecommunications stocks, other phone companies are planning IPOs too. OAO St. Petersburg Telephone Network, the monopoly phone company in Russia's second-biggest city, also said it will issue American Depositary Receipts (ADRs) in 2001. NTT DoCoMo Inc., Japan's biggest company by market value, plans to sell as much as 1 trillion yen ($9 billion) of new issues in 2001. The Japanese cellular giant is likely to sell shares on the New York Stock Exchange. Also waiting in the wings are China's Internet phone company Jitong Network Communications and France Telecom's mobile-phone unit Orange. Telecoms in 2000 The telecom sector provided the largest IPO for 2000. AT&T's Wireless Group (AWE) issued new shares worth as much as $10.6 billion; $36 billion were raised by 107 telecom deals brought to market in 2000. The once-strong telecoms began faltering this year, and the latest telecom IPOs were received coolly by investors. The ADR debut of Telenor (TELN), Telekom Austria (TKA) and Telefonica Moviles (TEM) failed to provoke demand. Stock of all three fell on first-day trade. HAPPY NEW YEAR EVERYONE! Ibexx